HT Media and the Times of India Group signed a memorandum of understanding on Tuesday to establish a 50:50 joint venture to publish a new newspaper.
The JV will function as a stand alone business and has been established to publish a new and vibrant newspaper in Delhi, HT Media said in a statement.
''We are pleased to collaborate with Bennett Coleman and Co Ltd on this value creating opportunity and believe that the new paper will give advertisers an opportunity to engage the reader on an unprecedented level,'' the company Vice Chairperson Shobhana Bhartia said.
The joint venture, subject to board approval, will draw strength from the competencies of both groups, allowing them to work together to efficiently grow in an exciting and nascent market, she added.
HT Media is a leading multimedia group with flagship Hindustan Times. It also publishes the Hindustan (Hindi paper) and plans to launch FM radio stations and a daily business newspaper in key Indian metros.
The Times of India Group is India's largest media house, with leading newspaper, magazine, radio, internet and television brands is owned by the Bennett Coleman and Co Ltd. The group also has a significant presence in music, filmed entertainment, events, out of home advertising, multimedia, etc.
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