Word: indianness
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That's hard to believe, considering that newspapers sell on the streets of New Delhi for 6? or less per copy. But advertising more than makes up for any circulation revenue shortfalls. Newspapers grabbed 46% of the $2.6 billion spent on advertising in all Indian media last year. Smelling big profits in the combination of rising circulation and advertising, India's newspaper barons have now unleashed the biggest newspaper war in their country's history. Until recently, most cities have been dominated by one major English-language newspaper. Bombay, for example, was Times of India territory. A handful of families...
...editions and start-ups should offer foreign investors a chance to get in on the action. After all, the Indian newspapers need capital to pay for expensive marketing campaigns to muscle into new cities. Western newspapers, while facing an uncertain future, have deep pockets. It should be a perfect match. Yet only a handful of big deals have been inked. For example, Britain's Financial Times has taken a stake in the Business Standard, an Indian business newspaper, and Henderson Global Investments, a British firm, has invested in HT Media. "It's worked out very well for us," says...
...aren't more deals being done? The 26% ownership restriction is one problem. Tariq Ansari, managing director of Mid Day Multimedia, owner of the popular Bombay newspaper Mid Day, says that most foreign investors want the cap to be higher?at least 49%?before they'll invest in Indian papers. Supporters of the cap point out that many countries have restrictions on foreigners entering their newspaper market?why shouldn't India? Then there's the claim that without the cap, illicit money could enter the local industry. "Would you want funds that have terrorist linkages to enter the media?" asks...
Some analysts believe that in the long run, pressure from the outside world?and the Indian media's need for new funds?may compel lawmakers to ease restrictions. But for now, the cap looks likely to remain for some time?and ironically, that may work out in favor of the foreigners in the end. Competition for reporters and other staff has pushed up labor costs for existing newspapers, and huge marketing expenditures threaten to eat into profit margins. Ansari of Mid Day says he is "concerned about some of the competitive strategies being adopted," warning that they "can only hurt...
Last week, Indian Prime Minister Manmohan Singh joined more than 150 foreign leaders in New York City to kick off this year's session of the United Nations' General Assembly and celebrate the institution's 60th birthday. Singh had a weighty agenda: he talked Kashmir with Pakistan President Pervez Musharraf, discussed India's nuclear-energy needs with George W. Bush, and lobbied for a permanent seat on an expanded Security Council. (Japan, Germany and Brazil each want one too.) The U.N.'s "structure and decision-making process," he said in an address to the General Assembly, "reflect the world...