Jagran Prakashan, the publisher of Hindi daily Dainik Jagran, on Wednesday said it will acquire the publication business of Mid-Day Multimedia through a share swap deal.
The tie-up or the business co-operation agreement will straddle three important areas - advertising sales, distribution and printing facilities.
Mid-day Multimedia Ltd on Tuesday said the Netherlands-based BBC Worldwide Holdings BV will invest Rs 31.85 crore (Rs 318.5 million) to acquire stake in Radio Mid-day West (India) Pvt Ltd.
After almost a decade of privatisation, the FM radio business just can't seem to get the cash registers ringing hard enough. According to an industry press release in December 2009, on revenues of Rs 800 crore, accumulated losses stood at Rs 2,400 crore.
Mid-day Multimedia Ltd said on Saturday it has raised the investment limit of foreign institutional investors and non-resident Indians in the company to 26 per cent.
The board of directors of Mid-Day Multimedia, which met on Wednesday, approved a proposal to issue and allot, on a preferential basis, 21,90,000 fully paid up equity shares
Radio Mid-Day West India Pvt Ltd, a subsidiary of Mid-Day Multimedia Ltd, has sent a conditional notice to Information and Broadcasting Ministry to surrender its FM license in Mumbai, effective Sunday.
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