MUMBAI: Confirming a news report earlier put out by Indiantelevision.com, the $35 billion Aidtya Birla Group has acquired 27.5 per cent stake in Living Media India (India Today Group) through its private investment company.

The transaction is the second high financial investment by a big corporation in the booming Indian media and entertainment industry this year, the other being the Reliance-Network18 deal.

The financial services-to-telecom and retail conglomerate did not disclose the amount it would be paying for the stake purchase.

“The media sector is a sunrise sector from an investment point of view. I believe that Living Media India offers one of the best opportunities for growth and value creation," said Aditya Birla Group chairman Kumar Mangalam Birla.

The Birla Group will, thus, enter the media sector with a presence across print, publishing, television and radio.

Living Media owns and operates English weekly magazine India Today, business magazine Business Today, English news channel Headlines Today, Hindi news channel Aaj Tak and radio channel Oye FM, among others.

"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," said India Today Group chairman Aroon Purie.

Aroon Poorie, the promoter of India Today Group, holds 57.38 per cent stake in TV Today Network as per information on 5 March 2012.

Indiantelevision.com had on 9 April reported that Aditya Birla Group is likely to pick up 25 per cent stake in India Today Group.

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