*Blackstone Group* is investing $50 Mn in *Jagran Media Network Pvt. Ltd.*, which will hold majority share in* Jagran Prakashan Ltd*.
This announcement comes within a month of Independent News & Media Investments Ltd.(INM) selling 7.5% stake in Jagran Prakashan for Rs 255 Cr to domestic and foreign funds. The stake sale by INM comes as a part of it's strategy to exit non core assets. Khaitan & Co were the the legal counsel to Blackstone on this deal. Transaction Note Gupta Family - the promoters of Jagran Prakashan own about 55% stake in the company and this will be transferred to the holding company - Jagran Media Network. Jagran Prakashan operates through Dainik Jagran, which has a total readership of more than 54 Mn. It also offers outdoor advertising, below the line solutions, internet, magazines and value added services. This is Blackstone's first investment in Indian Media space. Earlier it was close to investing $275 Mn in Hyderabad based - media house Ushodaya Enterprises, publisher of largest selling Telegu daily Eenadu, but the deal fell through because of a rivalry between the promoter Ramoji Rao and the politicians. Blackstone's earlier investments in India include CMS Computers Ltd., Nagarjuna Constructions and Gokaldas Exports Ltd among others. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
