Rediff.com is selling its US based India Abroad business to 8kmiles Media, MediaNama had learned from multiple, reliable sources. 8kmiles Media is a sister concern of cloud computing firm 8kmiles. On being contacted, Rediff Founder and CMD Ajit Balakrishnan declined to comment, saying that the company is currently in a quiet period, and hasn't responded to a mail for a written comment sent three days ago. R.S. Ramani, CEO of 8kmiles confirmed the acquisition to MediaNama, but declined to comment further, and offered to connect us to Suresh Venkatachary, the founder of 8kmiles; we haven't heard back from them, and will update about their plans once we do. India Abroad is a New York based weekly newspaper, targeting the Indian American community in the US. It monetizes using advertising, subscription ($32 per year), classifieds and events, especially, the India Abroad Person of the Year awards. 8kmiles has a digital radio, magazine, and a business of syndicating Indian movies in the US. Rediff has frequently written-off value of its India Abroad business (in 2009, 2010, 2013). Revenues for Rediff's US Publishing business (India Abroad) over the last eight reported quarters (source): Q3 FY16: $0.48 million Q2 FY16: $0.42 million Q1 FY16: $0.47 million Q4 FY15: $0.45 million Q3 FY15: $0.61 million Q2 FY15: $0.48 million Q1 FY15: $0.70 million Q4 FY14: $0.48 million Q3 FY14: $0.75 million Rediff has applied for delisting from NASDAQ, and is currently being traded on the "over the counter" marketplace, where, at the time of filing this report, it was trading at $0.165 per…
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