Millennium Post finds a new owner in publisher of Aaj Kal - Techno India
The deal is said to be a game-changer for the publication
As with so many other industries, the Indian media landscape is going through a massive churn. We have seen major entities change hands, mindsets, and priorities as India transforms and connects to a wider global audience even as she retains her singularity. The Millennium Post is the latest publication to become part of this paradigm shift.
At a time when the print industry is recovering strongly in a post-Covid economy, Millennium Post has found fresh reprieve after finding a new majority stake owner, in what will be a game changer for the publication.
While details are still to emerge, sources say that Satyam Roy Chowdhury (MD of Techno India Group, a conglomerate that operates education, hospitality, and healthcare companies, as well as the Aaj Kal media group) has bought a majority stake in the company.
"We have a highly reputed media school and have had a presence in vernacular media. The purchase of an English language publication is part of our long-term business strategy, and to help our media school students to gain exposure in the field," said CEO Sanku Bose, speaking to e4m.
The 16-page broadsheet, and its ancillary online avatar, was started in 2012 and conceived by Durbar Ganguly, former Vice Chairman and Joint Managing Director, The Pioneer Group, who is the promoter of the broadsheet. Ganguly will remain as Director and editor of the publication. The newspaper is headquartered in Delhi with an edition in Kolkata
According to sources close to the development, while Ganguly had admitted to tough times for the organisation, he said that the introduction of new capital had revitalized the publication's future and resources. While numbers remain unconfirmed, the former proprietors were allegedly willing to sell the publication, once valued at Rs 12 crore, for Rs 8 crore. Neither parties disclosed the actual sums when asked by e4m.
As per TAM AdEx data, print ad volume rose by 14% for English dailies in 2022 compared to the pre-Covid period and 17% compared to 2021, even as it declined 7% for Hindi dailies in 2022 compared to the pre-Covid level and increased by 4% compared to 2021.
As previously reported on e4m, "While ad volumes for both English and Hindi dailies are showing growth, English newspapers have witnessed higher growth than the Hindi ones. Industry insiders say the discrepancy between the two is mostly attributable to the substantial volume recovery seen in English dailies, as well as the fact that key advertisers in Hindi dailies are retailers and local advertisers who haven't recovered fully yet."
As advertisers pivot to digital, and seek mass reach in an increasingly internet focused consumer base, Millennium Post is likely to follow the same trajectory.
According to sources, the Millennium Post has had strong ties with Mamata Banerjee's TMC government in West Bengal, concentrated around its reader base which may perhaps explain the slacking off of central administrative advertising, given the current unifying state of politics around the world, thereby leading to its purchase by Techno India.
