Well, the rumor was that R. Jagannathan, Executive Editor at DNA, who resigned last week was going to join the Network18 group, to possibly spearhead the launch of the Financial Times in India. Instead, at least for the time being, Jagannathan has joined as Editor (Business and Financial Brands) for Web18, and will look into Web18’s online content publications – market leader MoneyControl.com, and Poweryourtrade.com. Jagannathan’s will also spearhead new content initiatives from the Web18 group.

With over 34 years experience, Jagannathan becomes one of the few (or perhaps the first?) among the old-guard to venture into new media: probably not an easy decision to make. He has served as Editor or Executive Editor of Business World, Business Today, The Financial Express, Business Standard and Indian Management having launched or re-launched some of these publications.

Let’s see what Web18 does with this important signing – will it be able to attract journalistic and editorial talent to its Internet businesses? Also, how will this affect cost structures for a company that has been consistently losing money (apart from an operating profit a couple of quarters ago)?

We had heard that there was a change planned for Web18’s approach – over the past few years, it has focused on its aggregation business In.com, and frankly, none of its new content initiatives over the past three years have hit the right notes. If anything, the aggregation being done at In.com reflects poorly on an otherwise strong content play of the Network18 group. Hopefully, that will change.