Aditya Birla Group to buy 27.5% in Living Media

The transaction is subject to the customary approvals,it said.

The Aditya Birla Group will buy a 27.5 per cent stake in unlisted media group Living Media India Ltd,which owns magazines India Today and Business Today besides news channels Aaj Tak and Headlines Today,for an undisclosed sum.

A private investment company of the Group,which also has interests in cement,telecom and metal businesses,will make the financial investment in Living Media,a statement issued by the company said. The transaction is subject to the customary approvals,it said.

Kumar Mangalam Birla,chairman,Aditya Birla Group,said,The media sector is a sunrise sector from an investment point of view. I believe that Living Media India offers one of the best opportunities for growth and value creation.

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Aroon Purie,chairman of the India Today Group,said,I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business which is at a tipping point. The Aditya Birla Group with its strong leadership,global footprint,diversified business interests and its shared values of integrity,commitment and social responsibility make it a perfect fit with the India Today Group.

TV Today,promoted by the India Today Group,is listed on the stock exchanges.

Its shares closed 0.84 per cent higher at Rs 54 on the BSE on Friday.