3577 Investors following JagranPrakashan. Share this News with them.
0
Like this story, share it with millions of investors on M3
Mid-Day seals Jagran Prakashan deal with 7:2 swap ratio
Jagran Prakashan will issue two shares of for every seven of Mid-Day. The Mid-Day deal is valued around Rs 175 crore at the current market price, Jagran stated.
Jagran's Agarwal said the company would like to retain part of Mid-Day's management. "We will take a call on management in consultation with Tariq Ansari." He added that Ansari will continue to take editorial calls.
Ansari said the current management will continue to run Mid-Day.
Motive behind the deal
According to Deven Choksey of KR Choksey the root of this deal lies in Blackstone's investment into the holding company of Jagran. He said, "Blackstone may want to make money out of what they have invested in here." Therefore, Jagran not only found synergy in their business but also managed to utilize the money which they got from Blackstone.
All you wanted to know about Jagran:
Jagran Prakashan is the publisher of Dainik Jagran, which has a total readership of 54.6 million across 11 states. In the vernacular sector, Danik Jagran has held the pole position for the last six years. In addition to Dainik Jagran, Jagran publishes I-Next, India's first bilingual compact newspaper, and City Plus, a weekly English tabloid.
The group is a leading end-to-end media solutions provider with interests across newspapers, outdoor advertising, below the line solutions, internet, magazines and mobile value added services.
