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TV18, Jagran put regional biz newspaper project on hold

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MUMBAI: The economic slowdown could well be hitting media companies that have chalked out massive expansion plans. The regional language business newspaper that was to roll out from the 50:50 joint venture between broadcaster TV18 and Jagran Prakashan Ltd. has been put on hold.

TV18 said on Monday its joint venture, Jagran18 publications Ltd, is deferring the launch of the newspaper.

In a separate statement, Jagran Prakashan said the project was deferred due to the "prevailing market conditions."

Jagran18 board reviewed the project and decided it to be "prudent to defer it.”

Last year, the JV had announced plans of launching a Hindi business daily in 2008 along with other Indian language dailies focused on financial and economic news.

Network18 MD Raghav Bahl had mentioned earlier that "business audiences have grown immensely in the Hindi heartland and regional markets" and they will be "combining TV18's strengths in business content with Jagran's understanding of print markets."

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