Music label Saregama’s board of directors are considering a demerger of the publication division of Open Media Network Private Limited, which publishes OPEN Magazine, the company informed via a notification on the Bombay Stock Exchange.
The company said that the board is meeting on December 28 to consider the proposed demerger.
Open Magazine was first published in April 2009 and was originally available in 12 Indian cities—Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Lucknow, Chandigarh, Jaipur and Kochi. It has since expanded to other cities as well. S Prasannarajan is the editor of the magazine while Mohit Hira was appointed CEO of the magazine in October last year and also functions as the publisher.
Open Media Network is the media venture of RP-Sanjiv Goenka Group. The Group also owns brands like Saregama, Spencer’s and Music World.
Other recent media developments
– Earlier this month, DealStreetAsia, a digital media platform based in Singapore, raisedan undisclosed amount in its first round of funding from Vijay Shekhar Sharma, founder and CEO of Paytm and Singapore Angel Network (SGAN), with participation from HT Media and other unnamed investors.
– In November, media company Tech in Asia announced its expansion to India, two years after it started covering the Indian startup scene on its main website. The company has also appointed an initial team of editorial, business development and events staff for operating in India.
– The same month, Mashable launched Mashable India, a local edition of the popular website, in partnership with India.com. The company has a dedicated editorial team based in Mumbai and New Delhi for coverage from India.
Update: Headline was modified to better reflect the story