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Forbes in alliance with TV18 for India foray
By siliconindia
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Friday, 14 December 2007, 20:30 IST
New Delhi: TV18, a group company of Network18, plans to launch a business magazine in India in partnership with international business publisher Forbes Media.
The alliance will help in introducing Forbes products in India and the new agreement includes a content licensing arrangement. The partnership will bring in strengths in the print space and synergies well with its television and new media properties.
"Our partnership with Forbes for a business magazine is another compelling testimony to the growing acceptance of the Indian growth story worldwide. Rapid economic expansion, change in consumer mindsets and deepening of the market economy in the country has led to an enabling environment for business brands. We will be strongly positioned to deliver a benchmark offering in the market by fusing the strong editorial and brand lineage of Forbes and our proven expertise in the Indian business media market," said Raghav Bahl, Managing Director, Network18.
The group has expressed its intention to get into the print medium that includes forays into magazines and newspapers.
The company bought majority of equity shares of Infomedia India from ICICI venture to operationalize its strategy. This has been now followed up by the Forbes deal. TV18 is one among the many other media houses, which are tying up with foreign publishing firms to bring their products into the country.
With this venture, the group will now have presence across the media and entertainment space. Network18, through its companies TV18, Global Broadcast News (GBN), Web18, Newswire18, Studio18 has presence across television broadcasting, internet, films, home shopping, events, and so on.
"India is one of the prime markets Forbes wanted to enter for sometime. We were waiting for the right partner and have reached a partnership agreement with Network18, one of the most respected and fastest-growing media companies in India. We look forward to making Forbes available to this forceful market soon," said Steve Forbes, Chairman, CEO and Editor-in-Chief, Forbes.