Aug 04, 2011, 10.44 PM | Source: PTI
Europe's leading publisher Gruner+Jahr today said it has acquired 78.75% stake in India's MaXposure Media Group for an undisclosed amount.
"After establishing our position in China as the second-largest magazine publisher, we are now turning towards India, another attractive growth market, to realise a similar success story," Gruner+Jahr International Executive Board Member and President Torsten-Jorn Klein said in a statement.
Gruner+Jahr is a part of Germany-based Bertelsmann Group, one of the world's largest media conglomerates. The company has presence in over 30 countries through over 500 magazines and digital offerings.
In 2010, Gruner+Jahr's revenues stood at 2.55 billion Euro, with 54% of sales generated outside Germany.
MaXposure Media Group is an integrated media firm that publishes a host of lifestyle magazines, besides dealing in events and creatives. It also publishes in-flight magazines for leading airlines and other corporates.
The group has two subsidiaries -- MaXposure Corporate Media and MaXposure Media Group Middle East.
Commenting on the deal Maxposure Media CEO Prakash Johri told PTI: "Going ahead, we would have a multi-pronged growth strategy in the Indian market. While we would continue to build our own existing brands, we would also look at licencing opportunities to launch other publications and also make acquisitions within the country."
Maxposure Media was advised by Delhi-based consultancy -- Shrine Capital Advisors on the deal. Johri did not disclose the company's annual turnover.
Post the transaction, Prakash Johri will continue to be the CEO and Managing Director of the Maxposure Media and his brother Vikas Johri, who is the co-founder of the company will contiue as the publisher and Chief Operating Officer.