the heels of its recent acquisition of Infomedia, TV18, a group company of Network18, is all set to launch a business magazine in India in partnership with Forbes, one of the world's most respected business magazine publishers. The partnership will include a content licensing arrangement and envisage the introduction of other Forbes products, subject to regulatory approval.
Considering Forbes' other international forays in the recent past, such as Forbes China, Forbes Russia, and Forbes Arabia, the Indian edition is likely to be called Forbes India, and it will focus on the booming Indian economy. However, the TV18 management is refusing to comment on the name of the magazine in India.
The partnership with Forbes will further strengthen Network18's hold in the print space and will synergise well with its television and new media properties.
Forbes magazine is famous for its wide array of business content, ranging from leadership, finance and international business to marketing, technology and entrepreneurship. It has also diversified into being a globally accepted benchmark for quality and performance with its famous lists covering companies, people and places, education, personal finance, sports, lifestyle and technology, and for its special reports.
Steve Forbes, chairman, chief executive officer and editor-in-chief, Forbes, says about the partnership, "India is one of the prime markets Forbes has wanted to enter for some time. We were waiting for the right partner and are so pleased that we have reached a partnership agreement with Network18, one of the most respected and fastest growing media companies in India."
The business space in the country is already flooded with various titles, including the ABP Group's Businessworld and the India Today Group's Business Today, but Network18 believes that space is not yet fully tapped.
Haresh Chawla, group CEO, Network18, says, "India's readership potential is yet to be fully tapped, and as the market evolves, credible and strong brands will succeed in the print space. With our experience in business media as well as our ability to deploy global media brands successfully in the Indian market, we are confident of an enriching association with Forbes. We see a lot of opportunity for value creation in this partnership by unleashing cross-platform synergies and developing a roster of market leading offerings in the coming years."
Forbes Media was formed in August 2006 as a result of an investment in Forbes by Elevation Partners, in which the private equity firm became a minority shareholder in the newly formed company, encompassing Forbes magazine, Forbes.com and other media properties. The company also publishes Forbes Life and Forbes Life Executive Woman. Forbes' foreign editions include Forbes Nihonban, Forbes Korea, Forbes China, Forbes Russia, Forbes Arabia, Forbes Israel, Forbes Poland and Forbes Turkey.