Aditya Birla Group will make a financial investment of 27.5 per cent in Living Media India (India Today Group) through its private investment company.
Kumar Mangalam Birla, chairman, Aditya Birla Group, in an official communiqué, says, "The Indian media sector is a sunrise sector from an investment point of view. I believe that the India Today Group (ITG) offers one of the best opportunities of growth and value creation. ITG's management ethos, values, brands, product portfolio and future plans offer one of the best opportunities for growth and value creation."
Aroon Purie, chairman, Living Media India, says, "I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business, which is at a tipping point. The Aditya Birla Group, with its strong leadership, global footprint, diversified business interests and its shared values of integrity, commitment and social responsibility, make it a perfect fit with the India Today Group."
The transaction is subject to customary approvals. Ambit Holdings was the investment banker for the deal.
Living Media is the holding company that owns 57.46 per cent in TV Today Network. Besides, Living Media has interests in magazines including India Today, its flagship magazine, newspapers, books, radio, television, printing and internet.