Network18, Jagran in JV to launch Hindi biz daily

MUMBAI: Soon after acquiring ownership control in Infomedia and forging a strategic alliance with Forbes Media for magazine publishing, Network18 has entered into a 50:50 joint venture with Jagran Prakashan to step into the newspaper space.

For starters, the JV will launch a Hindi business daily in 2008. Though there are several English business dailies, there is no such offering in the Hindi language.

The JV also intends to launch other Indian language dailies focused on financial and economic news. Says Network18 MD Raghav Bahl, "In recent years, business audiences have grown immensely in the Hindi heartland and regional markets, reflecting a democratisation of enterprise and wealth creation across the nation. We are delighted to partner Jagran Prakashan as it will allow us to fulfill this need powerfully in the print space, by combining TV18's strengths in business content with Jagran's intimate understanding of print markets."

TV18 has a roster of brands across television, online and information terminal platforms in the business space while Jagran Prakashan Limited (JPL) publishes one of India's largest news daily Dainik Jagran. The venture will also throw open opportunities to exploit across platforms.

Says JPL CMD Mahendra Mohan Gupta, "Our experience in the language media space has revealed a growing interest in specialized business news and information, which this vehicle will enable us to cater."

The deal will help Network18 to access the distribution network of Jagran, a crucial piece in the print business.

The JV will be governed by a board, comprising representatives from TV18 and Jagran Prakashan, which will oversee management plans and execution.

The operational specifics in terms of brand name for the business daily and selection of the editorial and business team is in the process of being formalised, says an official release.