A leading Indian media company has announced a joint venture with its main rival to launch a new English-language daily newspaper for the 20 million people living in and around New Delhi. After
decades of competition, New Delhi-based HT Media Ltd., which publishes the
Hindustan Times, said it has reached a deal with The Times of India Group to form a 50-50 venture to publish a "new
and vibrant newspaper" for the country's capital. The announcement comes in the midst of what the AP called a boom in the media industry, as revenues have been growing more than 20 percent annually
but have also brought increasing fragmentation. Plus, Western media companies are looking for opportunities in India, and hope the country may loosen rules on foreign investment in the news business.
"We believe the new paper will give advertisers an opportunity to engage the reader on an unprecedented level," says HT Media's vice chairwoman, Shobhana Bhartia.
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