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Jagran Prakashan buys out Mid-Day
Jagran Prakashan has taken over the newspaper business of Mid-Day Multimedia for a 7:2 swap ratio as per which MML shareholder will receive two shares of JPL for every seven shares held as of today
Putting all speculations to rest, Jagran Prakashan has finally taken over Mid-Day newspaper. Mid-Day is estimated to be worth Rs 175 crore based on the current market price.
Mid-Day has approved the de-merger of the investment arm of MML, holding investments in Mid-Day Infomedia Ltd , comprising of Mid-Day tabloid. As per the deal, for Mid-day newspaper, MML shareholder will receive two shares of JPL for every seven shares held as of today.
However, there will be no change in the top management as Tariq Ansari, MD, Mid-Day Multimedia and Manajit Ghoshal, CEO, Mid-Day Infomedia will continue to run the company.
Mid-Day Multimedia will continue to carry on with with the radio business (Radio One) through its subsidiary Radio Mid-Day West India.
It has to be noted that, the talks of Jagran taking over the tabloid surfaced a month back, when BlackStone announced the decision to invest 225 crore in the former.