Blackstone to Invest INR 225 Cr in Jagran Media Network

Apr 7, 2010, 00:00 AM by User Not Found
New York / Kanpur, 7 April, 2010: The Blackstone Group (NYSE: BX), announced today that it will be investing INR 2250 million in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited (“JPL”). JPL (NSE: JAGRAN.NS, BSE: JAGRAN.BO) is India’s leading media and communications group, with the group’s flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. Jagran Media Network Private Limited will file for necessary approvals for the investment with the Foreign Investment Provision Board (FIPB) today.

New York / Kanpur, 7 April, 2010:  The Blackstone Group (NYSE: BX), announced today that it will be investing INR 2250 million in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited (“JPL”). JPL (NSE: JAGRAN.NS, BSE: JAGRAN.BO) is India’s leading media and communications group, with the group’s flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. Jagran Media Network Private Limited will file for necessary approvals for the investment with the Foreign Investment Provision Board (FIPB) today.

Dainik Jagran, which publishes 37 editions and more than 200 sub-editions across 11 states, has maintained its position as India’s widest read newspaper for the last six years. JPL has evolved as 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.

Commenting on the association, Mahendra Mohan Gupta - Chairman and Managing Director of JPL, said: “I am glad to partner with one of the largest private equity investors in the world. Their interest in sharing knowledge with the management and their understanding of the media industry will add huge value to JPL in many ways for the benefit of its shareholders. Our endeavour shall be to make the best use of their expertise and relationships in driving our top-most agenda of organic as well as inorganic growth and making all the stake holders happier.”

Akhil Gupta - Chairman and Managing Director of Blackstone Advisors India, said: “Print media in Indian languages is poised to experience significant growth in the coming years, driven by increasing personal consumption levels in the Tier II/III cities as well as rural India.  JPL, with its leadership position in the Hindi-Belt states and its excellent management team, is well placed to capitalize on this opportunity. Our experience in the media sector in India and globally will enable us to be value-added partners to management and strengthen company’s leadership position.”

In addition to Dainik Jagran, JPL publishes 12 editions of I-Next, India’s first bilingual compact newspaper, and 22 editions of City Plus, a weekly English tabloid. JPL has established its position as a holistic media solutions provider with its outdoor advertising arm, Jagran Engage, below-the-line solutions arm Jagran Solutions, mobile value added services, and its internet foray with Yahoo India, with Jagran.com being the largest portal across all Indian languages.

About Jagran Media Network Private Limited

Jagran Media Network Private Limited will be the promoter holding company of Jagran Prakashan Ltd. (JPL). The group’s flagship brand, Dainik Jagran, was launched during the Quit India movement in 1942 by the revolutionary freedom fighter Late Shri Puran Chandra Gupta, with a vision to “Create a newspaper that would reflect the free voice of the people”. Today, Dainik Jagran has the widest footprints within print media in India, and prints out of 11 states – Uttar Pradesh, Uttaranchal, Punjab, Haryana, Bihar, Jharkhand, Himachal Pradesh, Madhya Pradesh, Delhi, Jammu & Kashmir and West Bengal. JPL’s other interests are across its other newspaper titles – I Next and CityPlus, its outdoor advertising arm below the line solutions, mobile value added services, and its internet foray with Yahoo India, with Jagran.com being the largest portal across all Indian languages. Further information about Jagran Prakashan Ltd. is available at http://www.jplcorp.in

About The Blackstone Group

Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at http://www.blackstone.com

Contacts:

The Blackstone Group
Public Affairs
New York
+ 1 212 583 5263
publicaffairsny@blackstone.com

Jagran Media Network Pvt Ltd.
R.K. Agarwal
Kanpur
+91 512 3982314
rkagarwal@jagran.com