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Rediff.com  » Business » NYT to buy 5% stake in Deccan Chronicle arm

NYT to buy 5% stake in Deccan Chronicle arm

June 13, 2008 13:57 IST

Deccan Chronicle Holdings, the publisher of English dailies Deccan Chronicle and Asian Age, said on Friday the New York Times Company is in discussion with it to acquire 5 per cent stake in one of its subsidiaries.

"The New York Times Company has proposed and is in discussion to acquire a 5 per cent equity stake in Sieger Solutions Ltd, a 100 per cent subsidiary of Deccan Chronicle Holdings," the company said in a filing to the Bombay Stock Exchange.

The five per cent stake acquisition would be subject to statutory approvals and respective board approvals, the company added.

Earlier, Deccan Chronicle was reported to be in the lookout for selling 5 to 8 per cent in Sieger Solutions, the owner of the Deccan Chargers IPL team to a strategic investor.     

Further, the company said its business paper the Financial Chronicle would now be published in association with the International Herald Tribune. Besides, the paper will carry a daily special four-page global news section from the International Herald Tribune.

At present, Financial Chronicle is published from Hyderabad, Chennai and Bangalore.

Shares of the company were trading at Rs 123.50, down 0.68 per cent on BSE in afternoon trade.

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