ABP Group To Sell Its Business Magazine - BusinessWorld
by Pranali Shah
Kolkata-based media group Anandabazar Patrika has put its BusinessWorld business magazine on the block, BS states. The management has decided to wind up this offering by December.
Launched in 1981, the publication from ABP’s stable was recently turned into a fortnightly from being the country’s only weekly business magazine. The editorial employees’ strength of the magazine stands at around 50 and provides articles and analysis across various topics like telecom, IT, biotech, media, pharmacy, infrastructure, economy and the stock markets.
ABP has an undisputed dominance in eastern India with The Telegraph English daily and Anandabazar Patrika Bengali newspaper. The ABP group has seven other periodicals apart from Businessworld.
ABP Group publishes five fortnightly regional magazines – Bengali literature and culture magazine Desh, Women magazine Sanada, Children’s magazine Anandamela, Celebrity magazine Anandalok and Teen magazine Unish Kuri. It also publishes Fortune India with Time Inc and manages two publication houses - Ananda Publishers and Penguin India, a joint venture between Penguin India Publishing Co. Ltd and ABP Group.
The group also manages three television channels – ABP News, ABP Ananda and ABP Majha and has a mobile property 56569, which is branded as Mjoy. In a latest development, it had also postponed the launch of its news channel ABP Punjabi.
The company had switched to a fortnightly magazine, shifting from news to focus entirely on analysis and trend based articles. The company attributed this shift to the emergence of Internet and several dedicated business television channels.
The magazine industry in India has been reeling under pressure, especially due to the digital overdrive taken by most media companies. The magazine market is of about Rs 1,650 crore, of which a Rs 400-crore pie is of business magazines.
Industry data show magazines’ readership stands near 83 million, while business magazines have a readership of about 3.63 million.
In this space, Luxury Fashion magazine Atelier and Women magazine Atelier Diva shut down in June 2013. Also, the Outlook group had shut three of its magazines — Marie Clare, Geo and People.
Recently, Spenta Multimedia acquired a majority stake in MW and Rolling Stone India.
Citigroup Inc is selling a $4.3 Bn PE fund, known as Citi Venture Capital International, for an undisclosed price to investment firm Rohatyn Group, ET states. The sale is part of one of the world's largest bank to comply with the Volcker Rule mandating banks to exit their alternative investments.