US-based magazine Newsweek is planning to launching an India edition, reports Politico. The new edition will owned under Newsweek Media Private Limited and was incorporated in March this year, registrar of companies data showed. The company’s directors are Chandramohan Narayana Talari and Anusuya Ramalingam Kandeeban, who both serve as directors in IBT Media Private Limited, the company which owns the Indian operations of International Business Times (IB Times).
Newsweek was bought by International Business Times in 2013 from InterActiveCorp (IAC). This acquisition did not include its news and opinion site The Daily Beast. International Business Times’s Indian edition was launched in 2011, and covers business news, technology, entertainment, sports and politics from India and the world. Newsweek had briefly shut down its print edition moved to an online-only model but it started publishing the magazine again in print format in 2014.
Recently, IBT Media appointed Mohit Hira (former CEO of Open magazine) as its new president and country head. Policto also reported that IB Times was looking to double its operations in Bangalore. This comes shortly after it laid off 30 journalists in its US newsroom which included a restructuring of the company where Newsweek was split off into a separate operational entity. Jim Impoco, Newsweek’s Global Editor in Chief, would continue to lead the publication.
IBT Media Private Limited financials
IB Times’ India operations reported revenues of Rs 8.89 crore for the year ended March 2015 up 66.16% compared to Rs 5.35 crore in the the last year. It’s net profit stood at Rs 79.6 lakh up 96.59% compared to Rs 40.49 lakh. Expenses related to employees stood at Rs 4.47 crore up 69.31% compared to Rs 2.64 crore in the same period last year.
Vice Media to start India operations
Earlier in the month, Times Group and Vice Media announced a partnership to launch an Indian version of Vice. The partnership would also launch television brand VICELAND as paid TV network in India. Vice will be opening a new bureau and production hub in Mumbai and will create original content to be distributed across television, mobile, digital and linear platforms in the region.
Vice will be hiring journalists and filmakers and open local production studios. It also said that it would air tailored local news and lifestyle programming around the clock.
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