wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

HT Media acquires business news platform VCCircle

HT Media has acquired Mosaic Media Ventures, the company which operates business news platform VCCircle and tech news platform TechCircle, according to a regulatory filing on Wednesday. HT Media said that this was a “strategic acquisition”. As part of the deal, HT Media will invest upto Rs 6 crore, and an additional “revenue linked milestones payment” of upto Rs 1 Crore on deferred basis, to acquire 100% of paid- up share capital of Mosaic Media. The acquisition will be completed by the end of August, the company said. VCCircle was acquired by America’s News Corporation in 2015.

The company, which owns newspapers like Hindustan Times and Mint, said it will scale VCCircle and TechCircle to help Mint’s tech and deals content editorial capabilities. It will also use HT’s reach to augment VCCircle’s events business, and scale up database and research business. As per the filing, Mosaic Media had a turnover of Rs 14.5 crore in FY 20, and Rs 14 crore in FY 19.

In September 2019, the government of India decided to “permit” 26% FDI under the government route in digital media companies that upload or stream news and current affairs, which was seen as a restrictive move.

Nikhil adds: HT media had been in the running for VCCircle before NewsCorp bought it. VCCircle used to have a content partnership with HT Media’s Mint many years ago. This sale of VCCircle to HT Media is probably a direct impact of the mandate to reduce FDI in digital media to 26% (from 100%), and is not surprising.

NewsCorp prefers to own news platforms entirely, and bought VCCircle to enter the Indian market. Now that it possibly can’t own more than 26%, it has exited. We expected this ruling to significantly impact investment and M&A in the Indian media market, and this is the first significant development post the ruling

Advertisement. Scroll to continue reading.

Earlier in July, the RP-Sanjiv Goenka group had picked up a 51% stake in the curated video news platform Editorji, founded by Vikram Chandra.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ