The biggest rivals
of Delhi's newspaper business have suddenly turned friends. So much so that these two rivals, 'Hindustan Times' ('HT') and 'The Times of India' '(TOI'), have formed a 50:50 joint venture company. The memorandum of understanding (MoU) between the two companies was signed on October 3, 2006. The deal is, however, subject to board approval.
The new venture will publish a newspaper catering to a new set of readers, especially the youth. According to Benoy Roychowdhry, business head, 'HT', "Delhi is fast emerging as an international city and the demography of readers here is also changing rapidly. There are new sets of young readers who need to be treated differently from the rest."
The newspaper majors will harness the best of each other's capabilities to work together to grow an exciting, nascent market efficiently.
In an official communiqué, Shobhana Bhartia, vice-chairperson, HT Media, says, "The new publication will give advertisers an opportunity to engage the reader on an unprecedented level."
Vineet Jain, managing director, Bennett, Coleman & Co. Ltd, which publishes the 'TOI', adds, "This JV is part of our commitment to best serve the new aspirations and mindsets of readers and provide the best possible value to advertisers."
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