Indian conglomerate Times Group split
The Indian conglomerate Times Group has reportedly split, with brothers Sameer and Vineet Jain splitting their father’s media business, Bennett Coleman & Co. Harsh Goenka, the chairman of RPG Group, has confirmed the news on Twitter. The deal will see Vineet head the news and media business, while Sameer will take control of the entertainment and outdoor advertising division. However, there has been no official announcement or statement from the Times Group.
Background of Times Group
Bennett, Coleman & Co., also known as the Times Group, is one of India’s largest media conglomerates, with interests in newspapers, magazines, television channels, outdoor advertising, and digital media. The company was founded in 1838 and is headquartered in Mumbai. The Times Group publishes several titles, including The Times of India, India’s largest English language daily newspaper. It also owns the Economic Times, India’s largest financial daily, and operates a number of TV news channels, including Times Now.
Some of the Group’s companies
The Times Group also owns the popular news and current affairs platform, Times Now. The platform has offices in Mumbai, New Delhi, Bangalore, Kolkata, Chennai, Hyderabad, and Pune. Other significant companies under the Times Group umbrella include Radio Mirchi, which is one of India’s largest radio networks, and Times Internet, the digital arm of the company. Times Internet operates a number of popular digital platforms in India, including the news and entertainment websites Times of India, The Economic Times, and Gaana.com.
KBC and IPL rights issue
The Times Group made headlines last year for its dispute with the makers of the popular Indian TV show Kaun Banega Crorepati (KBC) over ownership rights. The show is based on the format of the UK quiz show Who Wants To Be A Millionaire? The dispute arose after the makers of KBC claimed they had been given ownership rights to the format by the UK’s Sony Pictures. However, the Times Group, which produces the Indian version of the show, challenged this and said it had the exclusive rights to the format in India. The matter was eventually settled out of court.
In another major dispute, the Times Group had a legal battle with the Board of Control for Cricket in India (BCCI) over the broadcasting rights for the Indian Premier League (IPL). The Times Group had acquired the broadcasting rights for the IPL in 2012 for $1.6bn. However, the BCCI cancelled the deal in 2015 after the Times Group failed to pay the full amount due. The parties eventually reached a settlement, with the Times Group agreeing to pay the full amount.
Conclusion
The split of India’s Times Group is significant news, as it marks the end of a media empire that has been in the same family since 1838. The Times Group is a major player in India’s media landscape, with interests in print, television, radio, digital media, and advertising. However, the deal has not been officially confirmed by the company, and there is no word yet on how it will affect its operations. The split may have been driven by differences between the Jain brothers, or it may be part of a broader trend of Indian families breaking up their businesses to unlock value. Whatever the reason, it is sure to have far-reaching implications for India’s media industry.
#Harsh #Goenka #Sameer #Vineeth #Jain #Reach #Deal