Mumbai: The Times Group is headed for a split as the yearlong battle between the brothers of Sahu Jain family – Samir Jain and Vineet Jain – came to an end with the duo reaching a partition settlement.
According to highly placed sources, the split was finalised last night. As per sources, Samir Jain will take ownership of the print business along with digital assets aligned to the print business.
Vineet Jain will own the broadcast, radio and entertainment businesses, besides digital assets associated with them. In addition, Vineet will also be get a cash out given the size of the print business led by flagship The Times of India.
Internet tech company Times Internet and the real estate will be divided equally, the sources added.
The Times Group owns largest publishing company in India and South-Asia, Bennett, Coleman and Company Limited (BCCL), Times Network – which operates a dozen TV channels in the news and English entertainment genres, Times Internet – an internet technology company, which owns, operates and invests in various internet-led products, services and technology and real-estate tech market place.
In a recent development, BCCL had revealed the merging of its several subsidiaries with itself, reported Business Standard.
MediaNews4U reached out to a senior Times Group official for confirmation. This story will be updated if and when a response is received. Meanwhile, Industrialist Harsh Goenka has confirmed the split with his tweet, “I am delighted that the Times of India group issue is finally settled. Samir Jain lords over the print business and Vineet gets the digital, TV and entertainment business. All’s well that ends well!”
https://twitter.com/hvgoenka/status/1659597250816000000?s=48&t=SSlGFGOZvT_z62Z1TrxjxQ
