Eric Belman of The Wall Street Journal reports Monday that the parent of The Financial Times plans to start a new business newspaper in India, which already has five other business newspapers.
Belman writes that Pearson plans to start the “new daily business newspaper in India with local partner Network 18 Media & Investments Ltd., which controls India’s largest business news television channel, CNBC-TV18.
“Pearson is looking to boost its profile in India’s growing media market, according to a person familiar with its plans. While the newspaper industry is struggling in many developed countries, it has been expanding in India on growing spending from advertisers hoping to get the attention of India’s increasingly affluent middle class.
“Pearson has ended its 15-year relationship with local business daily, the Business Standard. The Financial Times had been sharing content with the daily and bought a 14% stake for around $3 million in 2004. The Business Standard said Friday that Pearson had sold the stake to the Kotak Mahindra Group.”
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