Financial Daily from THE HINDU group of publications
Tuesday, Feb 15, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 15, 2005 |
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Foreign Institutional Investors Industry & Economy - Foreign Direct Investment FIIs may be allowed to invest in news channels, print media — No change in FDI cap Our Bureau
New Delhi , Feb. 14 THE Information and Broadcasting (I&B) Ministry has cleared a proposal permitting foreign institutional investors (FIIs) to pick up stake in television news channels and print media companies. But this would have to fall within the overall 26-per cent foreign direct investment (FDI) cap. According to Government sources, the Ministry has already prepared a Cabinet note on the issue and is circulating it. This proposal would enable newspapers and television channels to access foreign funds without losing control. "The uplinking and print media guidelines would have to be amended to allow such companies to accept investment by FIIs. These institutions would be able to invest in media companies but would not be allowed to block any special resolutions to take any kind of management control," they said. News companies such as TV Today, NDTV and Television 18 have been asking the Government to allow FII investment. But with the Government permitting FIIs to invest in the print media, companies such as Mid-day Multimedia and Deccan Chronicle would also be benefited. According to the I&B Minister, Mr Jaipal Reddy, the FDI limits in news and current affairs publications as well as television channels would not be changed. Meanwhile, a Group of Ministers had been set up to look at a comprehensive policy on the print media. However, views on permitting reprinting of foreign newspapers in India and hiking the syndication limit have not been firmed up. The I&B Ministry is also expected to finalise its norms on FM radio privatisation. He said the Ministry is likely to retain the bidding process. However, there has been no final decision on whether to migrate to a revenue-share arrangement.
Meeting on content regulation
The I&B Ministry will meet representatives of television channels, content providers, women's groups and academia to discuss the issue of content on television. Mr Reddy said the idea is to evolve consensus and make appropriate changes in the programme and advertising codes, besides other legislative changes. This is being done in tandem with the Ministry working on a downlinking policy for channels beaming into the country. The Ministry has also initiated discussions with the Communications Ministry on setting up a separate regulator for the broadcasting sector.
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