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Aditya Birla Group through its private investment company has bought 27.5 percent stake in unlisted media group Living Media India, which publishes the popular India Today magazine, for an undisclosed sum.
Amarchand Mangaldas acted as transaction counsel and advised both Aditya Birla Group and Living Media.
Amarchand team was led by Delhi Partner Raghubir Menon along with Senior Associate Natashaa Shroff and Senior Associate Designate Shubhangi Pathak.
According to Dealcurry, Living Media owns 57.1% in TV Today Network, the listed company that owns the group’s broadcasting assets.
New Delhi based Living Media has interests in magazines, newspapers, books, radio, television, printing and the Internet. Its brands include India Today, Business Today and clutch of licensed magazines such as Cosmopolitan, Good Housekeeping, Men’s Health, Harper’s Bazaar, Travel Plus and Harvard Business Review, among others.
Aditya Birla Group has been actively investing in other sectors. Last month, it had announced that it plans to pick a controlling stake in Future Group’s Pantaloon format and will infuse Rs. 800 crore in equity and also take care of Rs 800 debt liability of Pantaloon, reports ET.
Recently in January, Reliance Industries too invested Rs. 1500 crore in the promoter group of Network18 Group to fund the rights issues of its two listed entities, Network18 Media and Investments and TV18 Broadcast through it’s subsidiary – Independent Media Trust.