DB Corp to buy out promoter groups in two subsidiaries

MUMBAI: DB Corp, publisher of Hindi language newspaper Dainik Bhaskar, has said it will acquire stakes held by promoter group companies in its subsidiaries Media Corp Ltd (IMCL) and Synergy Media Entertainment Ltd (SMEL) to make them wholly-owned subsidiaries.

DB Corp will pay Rs 356 million for the remaining 45 per cent stake in IMCL and Rs 23.7 million for the remaining 43.10 per cent stake in SMEL.

IMCL manages the digital business for the Dainik Bhaskar Group which includes the Hindi, Gujarati, English and Marathi news portals.

DB Corp?s out-of-home business is housed under SMEL which also had the radio business under it before it was demerged in 2010.

SMEL is also engaged in providing services like multimedia solutions, CD presentations, recording studio, website development, television advertisements, video editing and digital photography.