Jagran Prakashan, the publishers of Dainik Jagran, will take over all the print businesses of Mid-Day Multimedia, which publishes the afternoon tabloid Mid-Day. A Mid-Day shareholder will get two shares of Jagran for every seven owned in the company.
Jagran Prakashan has taken the inorganic route to expanding its English language newspaper operation with the acquisition of the print business of Mid-Day Multimedia. The company is expected to benefit from increased colour advertisements that tabloids enjoy and also help it take on its peer DB Corp, which owns stakes in DNA, another English newspaper.
Mid-Day's publication business operated by its arm, Mid-Day Infomedia, comprises the afternoon daily with four editions, Sunday Mid-Day, Gujarati Mid-Day, The Inquilab (a Urdu daily) and the Web site mid-day.com. After the demerger of the publishing business, the listed Mid-Day Multimedia will continue to own its radio business that operates FM stations in seven cities.