According to sources close to the development, Jagran Prakashan (JPL), the publishers of the Hindi daily Dainik Jagran, will buy out 100 per cent stake in the Madhya Pradesh-based NaiDunia Media. The size of the deal could not be ascertained at the time of filing this report.
It will be a complete takeover of all properties of NaiDunia Media, including the Hindi dailies NaiDunia and NavDunia.
This will be the second major takeover for JPL in recent years. The first one was the buyout of Mid-Day Infomedia in May 2010, for a deal estimated to be worth Rs 175 crore.
For the record, NaiDunia was established by freedom fighters Babu Labhchand Chhajlani and Shri Basantilal Sethia in 1947, before Independence. In April 2008, NaiDunia News & Network changed its name to NaiDunia Media. In 2008, NaiDunia Media launched its second Hindi daily from Bhopal, Madhya Pradesh, titled NavDunia.
NaiDunia Media has a presence in 11 states, and has 14 publication centres.First Published : February 13, 2012