DB Corp, publishers of the newspaper dailies Dainik Bhaskar, Divya Bhaskar, Saurashtra Samachar and Dainik Divya Marathi, has informed the BSE that it will be selling 51% of its stake in Divya Prabhat Publications Pvt. Ltd. Although DPPPL will cease to be a subsidiary of DB Corp on completion of documentation, there is no information on who has acquired DPPPL.
Divya Prabhat Publications publishes Prabhat Kiran, a daily newspaper based out of Indore, Madhya Pradesh and DB Corp had acquired the majority stake of 51% in Divya Prabhat in October 2011 for Rs 1.2 crores. During 2012-2013, DPPL has recorded a turnover of Rs 52.14 million as compared to Rs 53.68 million in the previous financial year. The company also claims to have increased its circulation to 3000 copies during 2012-2013.
DB Corp’s Acquisitions: DB Corp had informed the BSE that it will be acquiring the remaining shares of its two subsidiaries – I Media Corp Ltd(IMCL) and Synergy Media Entertainment Ltd (SMEL) from existing shareholders for Rs 37.97 crore, so as to make them wholly owned subsidiaries of the group.
Other publication acquisitions & mergers
Jagran Prakashan had acquired Suvi Info Management (Indore) Private Ltd, and through this acquisition, its subsidiary Naidunia Media Limited, which publishes the Naidunia newspaper in Madhya Pradesh and Chhatisgarh, with a circulation of 5 lakh copies per day.
Zee News Ltd had informed BSE that it has received an in-principle approval from the company’s board to merge its news broadcasting business with Diligent Media Corporation Limited’s news publication business, which currently prints and publishes the English daily newspaper ‘DNA‘.