Birlas To Buy 27.5% in Living Media Group

After RIL's Chief Ambani invested in Network 18 group comes news of billionaire Chairman of the Aditya Birla Group, Kumar Mangalam Birla  buying  a 27.5% stake in Living Media Group, the publisher  of India Today weekly magazine.
 
The AB Group which has interests ranging from metals to telecoms said “Living Media offers ‘one of the best opportunity for growth and value creation’.
 
A private investment company of the group will make the financial  investment in the media company. The stake purchase marks the group’s entry into the media business.
 
Living Media has a presence in various print formats, electronic, radio and internet. The New Delhi based group also has partnerships with Harper Collins. Copsmopolitan, Reader’s Digest and UK’s Daily Mail.
“This partnership will help in addressing the current and future potential of the India media business which is at a tipping point,” said Aroon Purie, Chairman of the Living Media Group.
 
With this investment Kumar Mangalam Birla has realized his long cherished dream of owning  a media company. “The media sector is a sunrise sector from an investment point of view. I believe that Living Media, India, offers one of the best opportunities for growth and value creation , “ he said.
 
In 2003 the Birlas made an unsuccessful entry into the entertainment space when they launched a movie and TV Production company, Applause Entertainment. The global recession had forced them to close down the company in 2009.
 
Sources close to the development say Living Media now plans to extend in media. They are now looking at launching their New Delhi base tabloid Mail Today into other metros including Mumbai.
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