Anurag Batra, the owner of Exchange4Media and Vikram Jhunjhunwala, an investment banker, have bought the Businessworld magazine from ABP on behalf of some undisclosed investors.
D D Purkayastha, MD & CEO of ABP said “We have divested Businessworld business. The brand and the publication will continue under the new owners with Prosenjit Datta as the Editor.”
Businessworld began publication in 1981 and is one of the oldest business magazines in the country. The magazine went fortnightly in February this year after nearly a decade as a weekly magazine.
Slide in rupee and competition from digital media has pushed many publications to the brink of closure. While print advertising has slowed down, the weak rupee has increased costs for print publications which import newsprint.
Meanwhile, the digital medium has been giving tough competition to traditional media houses in India.
Under Batra of Exchange4media, it wouldn’t be surprising to see Businessworld going fully digital.
The Business Standard reports that the deal could be valued around Rs 15-20 cr and rumors had it that Kerala based Malayala Manorama could be a potential buyer.
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