Business Daily from THE HINDU group of publications
Friday, June 13, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Friday, June 13, 2008 ePaper | Mobile/PDA Version |
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Update at 1530 hrs (IST)
Corporate New York Times in talks to buy 5% stake in Deccan Chronicle's arm MUMBAI: Deccan Chronicle Holdings, the publisher of English dailies Deccan Chronicle and Asian Age, on Friday said the New York Times Company is in discussion with it to acquire 5 per cent stake in one of its subsidiaries. "The New York Times Company has proposed and is in discussion to acquire a 5 per cent equity stake in Sieger Solutions Ltd, a 100 per cent subsidiary of Deccan Chronicle Holdings,'' the company said in a filing to the BSE. The five per cent stake acquis ition would be subject to statutory approvals and respective board approvals, the company added. Earlier, Deccan Chronicle was reported to be in the lookout for selling 5 to 8 per cent in Sieger Solutions, the owner of the Deccan Chargers IPL team to a strategic investor. Further, the company said its business paper, the 'Financial Chronicle', woul d now be published in association with the 'International Herald Tribune', besides the paper will also carry a daily special Four-page global news section from the 'International Herald Tribune'. At present, Financial Chronicle is published from Hyderabad, Chennai and Bangalore. Shares of the company were trading at Rs 123.50, down 0.68 per cent on BSE in afternoon trade. - PTI
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