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Journalism of Courage
A leading Irish media baron has evinced interest in acquiring an estimated 30 per cent stake in one of the largest circulated Hindi-language dailies, Dainik Jagran.
‘‘Tony o’Reilly, Chief executive of Independent News and Media (In & M) group is in advanced talks and if successful, the deal will give the Irish entrepreneur’s company a substantial foothold in one of the world’s fastest-growing media markets,’’ the Sunday Times reported on Sunday.
O’Reilly is expected to make an official announcement in the next few days, the report said. ‘‘The deal is likely to cost several tens of millions of euros,’’ the newspaper quoted one person involved in the talks.
Based in Kanpur, Dainik Jagran is wholly owned by the Gupta family. ‘‘They have been in talks with O’Reilly about the sale of a stake since 2000 but, in recent weeks the talks have hotted up,’’ the report said.
Gupta family members are said to have held negotiations in Ireland and India with O’Reilly and his son, Gavin, In &M’s Chief Operating Officer (COO).
Dainik Jagran prints the daily from 25 sites and owns one of India’s most popular online information portals.
According to the report O’Reilly is said to have negotiated an agreement that will allow him to quit the Indian deal if it proves unsuccessful. Equally, he will have the option of increasing the company’s stake if things go well.
In &M’s Move into India represents something of a coup for O’Reilly, the report said. He first invested in In & M when it was a purely Irish business in 1973.
