Aditya Birla group eyes majority stake in Living Media: report
31 Oct 2012
The Aditya Birla group is likely to acquire a majority 51-per cent stake in Aroon Purie's Living Media, the listed company that includes the widely read magazine India Today, the Business Standard today reported, citing sources familiar with the developments.
The Aditya Birla group, controlled by Kumar Mangalam Birla, had acquired a 27.5-per cent stake in Living Media for Rs350 crore in May, valuing the media house at around Rs1,300 - Rs1,400 crore.
In August the Competition Commission of India had approved the purchase, which was made through IGH Holdings Private Ltd, an investment arm of the Aditya Birla Group. (See: CCI clears Aditya Birla group's acquisition of stake in Living Media)
The Aditya Birla Group had also agreed to acquire up to 49 per cent equity in Living Media at any time till September-end 2016.
The report said that Aditya Birla group would increase its stake to 51 per cent in Living Media, which owns 57.46 per cent stake in TV Today Network, ITAS Media, Today Retail Network, Today Merchandise, Harper Collins, Mail Today Newspapers, India Today Online, Universal Learn Today, Integrated Databases India and Automotive Exchange Pvt Ltd.
The additional purchase will help Living Media to pay off debt, said the paper.
