Dow Jones, the publisher of The Wall Street Journal, and Bennett, Coleman, the publisher of The Times of India and The Economic Times, announced a joint venture to publish The Wall Street Journal for India. The JV will publish the journal five days a week for the global Indian business readers and international business travellers, drawing on the newspaper's global content.
Dow Jones will own 26% of the new venture, while Bennett, Coleman will own 74%. The newspaper would be edited by Suman Dubey, a leading Indian journalist and currently Dow Jones' corporate representative in India. Further terms of the agreement weren't disclosed.
"I am thrilled that we will soon be able to offer Indian business readers access to the incomparable global business information of The Wall Street Journal on a timely basis," said Peter R Kann, chairman and CEO of Dow Jones. "India is a vibrant and growing part of the global economy, and we look forward to playing an increased role in charting - and spurring - that growth. We're especially pleased to be launching this venture in partnership with Bennett, Coleman and the Times Group, the leading Indian newspaper publishers and one of the most distinguished players in publishing globally."
Vineet Jain, managing director of the Times Group said, "The JV comes at a moment when India is poised to become a global player across a range of industries: From software outsourcing and entertainment to pharmaceuticals, textiles and automobile components. As Indian companies, investors and consumers begin to think beyond the geographical boundaries, the need for global information and perspective will grow. We believe that the venture fits in perfectly with the emerging needs of the time. We respect Dow Jones and The Wall Street Journal for the enviable standards they have set in publishing and media. We look forward to learning from each other." Karen Elliott House, publisher of The Wall Street Journal, added, "A Wall Street Journal for India will instantly become an important component of the global Journal network, including The Wall Street Journal in the US, The Asian Wall Street Journal, The Wall Street Journal Europe and The Wall Street Journal Americas in Latin America. We look forward to serving readers and advertisers in India who need the world's most vital business news every business day."
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