Aditya Birla Group, through its private investment company, has acquired a 27.5% stake in Aroon Purie-controlled Living Media India Ltd., the promoters of India Today magazine and TV Today Network. Ambit Corp was the advisor to the deal. Media reports place the deal value at Rs. 600-700 crore. Living Media acts as a holding company and owns a 57.46% stake in publicly listed TV Today Network, which runs the Aaj Tak and Headlines Today news channels.
Living Media will use the cash from the deal to expand its presence in media including launching its New Delhi-based tabloid, Mail Today, in other metros, including Mumbai.
Supreme Court: Death Penalty awarded to Convicts in Nirbhaya Gangrape Case
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