Bennett Coleman aims to start discussions with prospective suitors
as soon as this month.
Bennett Coleman
& Co. is considering selling a stake in its Internet unit, according to
people familiar with the matter, as the publisher of The Times of India looks
to expand the business in one of the world’s fastest growing digital markets.
The Indian conglomerate, also known as the Times
Group, is working with an adviser to explore options for a 10 per cent
stake in Times Internet Ltd., said one of the people. It is looking to bring in
financial or strategic investors including global technology companies, for
India’s biggest digital firm, said the people, who asked not to be identified
as the information is private.
Bennett Coleman
aims to start discussions with prospective suitors as soon as this month, one
of the people said. It’s too early to tell the value of a minority stake as
deliberations are at an early stage, the people said. The conglomerate could
still decide not to proceed with a deal, they said.
Representatives
for Bennett Coleman & Co. and Times
Internet didn’t respond to requests for comment.
Times Internet,
founded in 1999, owns some of the country’s most popular news websites,
live-streaming apps and fintech firms. It operates Cricbuzz, which specializes
in cricket news, and EconomicTimes.com. It also runs music app Gaana that had
150 million active users as of February.
MX Takatak, a
short-video app owned by Times Internet portfolio company MX Media, has seen a
sharp rise in downloads following India’s TikTok ban in June. The app is one of
several including Roposo and Moj that are viewed as local competitors to
TikTok, which was one of 59 Chinese apps banned in June in the country amid
tensions over the India-China border. Takatak is the second most downloaded
free app on India’s Google Play Store on Tuesday, and the eighth most
downloaded for iPhone, according to market researcher Sensor Tower.
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