Posts Tagged ‘MoneyLife’

How serious is the trouble at CNBC & CNN-IBN?

12 July 2010

Raghav Bahl‘s Network 18 group has restructured its business plan. Again.

All the loss-making broadcast businesses—CNBC TV18, CNN-IBN, IBN7, etc—are under one roof, and the digital and publishing initiatives—moneycontrol.com, Infomedia, etc—under another.

Debashis Basu writes in the personal finance magazine Moneylife that this is an old trick aimed at buying time and raising money by spinning a new story:

“The problem starts with the fact that 40% of TV18’s business is broadcasting that helps pull in revenues for other businesses. And there, revenues show not traction.

“Revenues were actually down in the March quarter even over the terrible quarter that was March 2009, despite the fact that this year’s March quarter revenues should have been buoyed by the big event of the Union Budget.

“The silver lining is that one part of IBN18’s business-entertainment channel Colors, is making money. But other broadcasting businesses of IBN18 (CNN-IBN, IBN Lokmat and IBN7) are in deep losses again and have no real growth traction.

“Competition is intense because others can also play the same game as Network18 can.

“Their operational costs are high too, mainly because salaries are exorbitant, relative to quality and quantity of output. Most importantly, these news operations have no real edge; they are indistinguishable from the others. The 50% profit from Colors will be eaten up by losses from the news channels.”

MoneyLife‘s continuing series of stories on the state of the TV players is indicative of the code of omerta that seems to be in play in the Indian media on matters affecting the Indian media. Although TV18 is a listed entity, which means ordinary citizens have their money invested in it, other media houses do not devote the same space on the financials.

Read the full article: Restructuring won’t mend cracks

Also read: The endgame is near for TV18 and NDTV

The barbs that resulted in a Rs 500 crore lawsuit

Is this man the new media mogul of India?

It takes 3 Idiots to call the bluff of Pauper Tigers

16 March 2010

The prostitution of Indian journalism by pimps, promoters and proprietors selling editorial space without letting the reader know what is independently verified news and what is a paid-for advertisement in the garb of news, has attained pandemic proportions.

“Paid News”, as the trend has been sadly named, happens not just during election time, but in between elections too. It afflicts not just the language media, but mainstream English media too. It is not just political news that is coloured, but business, sport, cinema and everything else, including the TV listings.

Above all, it is not something that small papers and extortionists are indulging in to keep their business going; it has become a revenue stream for profitable media organisations to keep the ink black on the bottomline, as trust and credibility are thrown to the wolves by suited-booted “managers”.

The Rajya Sabha, the election commission and the press council are all seized of the issue.

The country’s #1 business investigative journalist Sucheta Dalal who has written fearlessly on the subject—a trend that has deep implications for Indian democracy and reader trust in the media in the long run—throws light on a scandal in which India’s top filmmaker was held to ransom by “a leading media house”.

***

By SUCHETA DALAL

Moneylife has often commented on the brazen sale of news by a leading media house. However, we also acknowledged that the group usually made a win-win offer which was tough for companies to refuse. After all, which company would want to say no to something as lucrative as assured positive coverage, plus a steep discount in advertising tariffs, in return for a small equity stake?

However, in recent times, companies complain about the strong-arm tactics used by the group’s media arm.

Several companies have reported that they are told to appear first on the group’s media channel, during the quarterly results announcements. A print interview is thrown in as a carrot. Or they can face the stick: the prospect of being black-listed by its large circulation dailies.

As for the group’s city supplement, it is not only common knowledge that all its pages are for sale, but it has even dropped the pretence that its news and photographs are anything but paid publicity material.

Yet, the group still managed to shock us, with its recent strong-arm tactics against a top-grossing Hindi movie.

Its director told us how the media-selling arm of the publishing house approached him with a ‘publicity package’ which offered a number of articles and photographs for a price.

The director said a polite ‘No’. He would buy advertisements to publicise the movie, but the editorial would be up to the publication. But he was in for a shock. He was told that if he did not accept the package, there would be no editorial coverage of the movie in any of the group’s publications.

Given the stakes involved in the movie business, the director consulted his partners and friends in Bollywood. Many supported his stand, while there were others who were quite happy to accept the offer. However, our director-friend put his foot down and invited several like-minded producers to discuss the implications of what he calls the ‘dadagiri of this brand’.

The publishing house representative apparently said the director was making a needless fuss. After all, “film journalism is not serious journalism” (suggesting there are no ethical issues in buying editorial coverage).

What is most heartening is that, unlike wimpy corporate India, a dozen top producers and directors got together, discussed the issue and had the courage to say no, even though their stakes are significantly higher. The media house, realising that the issue could get out of hand, then backtracked and actually wrote a letter of apology for trying to pressure the industry.

The story had a happy ending, because the movie went on to set success records.

Why has this not made news? Because Bollywood also realises that it needs big media and is not idiot enough to shoot itself in the foot. Moneylife doffs its cap to the producers who had the guts to say ‘No’.

Also read: Editors’ Guild on paid news, private treaties

Also read: Pyramid Saimira, Tatva & Times Private Treaties

Times Private Treaties gets a very public airing

SUCHETA DALAL: Forget the news, you can’t believe the ads either

Does he who pays the piper call the tune?

SALIL TRIPATHI: The first casualty of a cosy deal is credibility

Selling the soul? Or sustaining the business?

PAUL BECKETT: Indian media holding Indian democracy ransom

Does he who pays the piper call the tune?

PRATAP BHANU MEHTA: ‘Indian media in deeply murky ethical territory’

The scoreline: Different strokes for different folks

A package deal that’s well worth a second look

ADITYA NIGAM: ‘Editors, senior journalists must declare assets’

How much do readers distrust us? Not enough

The brave last words of Prabhash Joshi

‘Only the weather section isn’t sold these days’

‘The endgame is near for both TV 18 and NDTV’

31 July 2009

SHARANYA KANVILKAR writes from Bombay: Indian media houses, generally speaking, have been cagey in reporting the economic downturn and what it is doing to the man (and woman) on the street. They haven’t ignored it, of course, but they have been, let’s say, less boisterous than they were when reporting the boom.

At one level, this is because of the widely held belief that gloom doesn’t sell. “Let us report what is happening, but let us not amplify it too much,” one top Hindi publisher wrote in an email to several co-publishers a few months ago. At another level, this is because of the belief that the blip was temporary and the good times would soon be back.

The good times may soon be here, so help me god, but will they be for India’s most glamourous television houses?

Moneylife, the personal financial magazine run by India’s pioneering business investigative journalist Sucheta Dalal and her husband Debashis Basu, has a special report on the state of of TV18, the BSE-listed company of Raghav Bahl (in picture), which runs CNBC-TV18 and the Hindi business channel CNBC Awaaz, among other businesses.

It is nothing short of eye-popping.

“Bleeding to Death?” reads the headline.

The story, authored by Debashis Basu, talks of the “horrifying story of cyclical revenues and non-cyclical costs,” and it warns that “things may only get worse”.

It compares TV 18’s current plight with NDTV’s.

“Both are losing profusely. Losses were a little lower when the [Indian] economy grew by 9% and the market euphoria fetched the two groups newer dumb investors and more money to keep going. But now, both are nearing this endgame.”

In broadcasting (CNBC TV18 and CNBC Awaaz), Basu writes that revenues are down and profits have collapsed due to higher costs. In web (moneycontrol.com, in.com, etc) revnues of Rs 65 crore have been overtaken by losses of Rs 66 crore. The newswire and printing businesses are not doing too well either.

Basu writes that TV18’s financial situation today is the result of accumulated sins of the past couple of years: the expansion of web-based businesses with no profitability in sight, huge expenses on staff and stock options, to finance which the company stares at a mountain of debt close to Rs 850 crore.

Even with the stock markets clawing back, Basu concludes that “the problems of TV18 have just started” because the economics of the business has changed with the entry of new players like ET Now, and with rumours of heightened competition in the form of Bloomberg.

“The big issue for TV18 is exactly what hit NDTV a few quarters earlier: how to keep funding the losses? One way out is taking on more debt hoping that the businesses would reviee…. Or get foreign media companies to buy your story….

“Even if there is value in some parts of the group, Raghav Bahl has locked up that value in a complicated group structure that got created when he funded these businesses as a network of entities, not independent businesses. So squeezed between competition on one side and cash crunch on the other, the endgame for TV18 begins.”

IBN18, which runs CNN-IBN, IBN Lokmat, IBN7, have always been losing money.

Read the full TV18 article: Bleeding to death?

Read the full NDTV article: Reality show

Also read: How the Indian media dream went sour

Is this man the new media mogul of India?

26% of India’s most powerful are media barons

The 11 habits of India’s most powerful media pros

How the Sakaal Times dream became a nightmare

7 December 2008

PRITAM SENGUPTA writes from New Delhi: Nothing is bringing home the seriousness of the global economic downturn to Indian media practitioners better than the breakneck speed with which media plans are being revised or revoked.

Just a few months ago, it all seemed hunky-dory—a 20 per cent growth for the media and entertainment industry in 2006, followed by an 18 per cent growth last year.

International behemoths were rushing to launch Indian editions or getting into tieups with local players when not outsourcing work here. Indian groups were launching more editions (and a TV station with some spare cash). Regional players were planning excursions into newer and hitherto unexplored avenues.

The share prices of listed media houses were defying gravity on Dalal Street—and the salaries (and ESOPs) of journalists was achieving near-escape velocity on India’s Fleet Street, Bahadur Shah Zafar Marg.

The profits of at least two entities (HT Media and Jagran Prakashan) doubled year-on-year; another listed company Deccan Chronicle upped advertising rates by 30 per cent even as it launched cut-price editions in Madras and Bangalore to crown itself the “The Face of the South”.

With media employment growing by 27 per cent in 2007, the Union labour ministry hinted deliciously that by 2013, the media would create more, yes more, jobs than the information technology and IT-enabled services and automotive industries!

Forbes was quoting a Pricewaterhouse Coopers forecast that the Indian media would outpace the economy till 2011:

“Rising incomes and consumer spending fueled by the country’s robust economic growth will combine with expanded information delivery options over mobile phones and the Internet to drive a boom that will benefit all segments of the industry, from home video to radio to newspapers.”

But, suddenly, it doesn’t look so rosy.

The India launch of Financial Times is nearly off; no one is talking of the Hindi business paper that Dainik Jagran wanted to bring;  the Donnelly press that Network 18 had bought with great flourish is reportedly up for sale.

The fate of the launch of at least two magazines is in the balance. One prominent newspaper group is reworking employee contracts for the coming year; on the anvil is an across-the-board 30 per cent cut in cost to company.

On the television front, Debashis Basu writes in MoneyLife that with the collapse of the stocks of the major TV networks NDTV, TV18, UTV, the question is not why but what had kept the share prices spiralling up all this while?

“Continuous expansion into new businesses, set up through associates and subsidiaries which mesmerised the so-called strategic investors who pumped money into these entities. This created embedded valuation for the listed entity that everybody hoped would be unlocked to another set of suckers in the stock market.”

However, few of these developments can match the manner in which the Sakal dream has come crashing down.

The Marathi language newspaper group owned by Abhijit Pawar, the nephew of India’s powerful agriculture minister Sharad Pawar (whose daughter, the parliamentarian Supriya Sule is on the board), decided to grab a slice of the promised pie earlier this year.

The group’s English daily Maharashtra Herald was relaunched as Sakaal Times in Poona in May, in collaboration with a company set up by former Times of India editor Dileep Padgaonkar. Plans for a pan-India “rollout”, including an edition in New Delhi, were feverishly announced. A foreign affairs magazine materialised out of thin air.

So far, so good.

On the last day of November, staffers working at the Delhi office of Sakaal Times turned up for work only to be greeted with a notice that announced that their services were no longer required.

Below is the full text of an anonymous chainmail that chronicles how little stamina bottomline-obsessed publishers and managers have to stay the course; how The Great Indian Media Dream turned into a nighmare overnight for a regional group aspiring (and perspiring) to make it big on the national scene; and how journalists got trapped in the very bubble they had helped create.

***

Hi Friends.

Do you remember the BiTV (Business India Television) lockout?

Something worse than that happened on the 30th of November, 2008.

Sakaal Times, the English daily brought out in May (renaming the existing Maharashtra Herald) by the Sakal group of Poona (of the Marathi daily Sakal fame) and helmed by wannabe media baron Abhijit Pawar (nephew of Nationalist Congress Party leader, Union minister and former BCCI president Sharad Pawar), suddenly decided to close down its Delhi operations without any prior intimation to any of its employees, leaving nearly 80 people jobless at one go.

Those impacted are not worthless people—all of them, including me, had left secure jobs in respected media houses to join what sounded like an ambitious media venture from one of the most-respected media houses of Maharashtra.

The plans were big—following the Poona edition, there would be editions from places like (New) Bombay, Chandigarh, Jaipur, Ahmedabad, and even a small edition from Delhi.

The paper looked impressive, with well thought-out stories and a nice design.

“Welcome to the Sakal family. Here all employees are treated like family members. Please visit our Pune headquarters sometime to know how we work like a family,” were the golden words from Arun Barera, the CEO of the Sakal Media Group during his interaction with a bunch of us around July-August, when the paper’s Delhi office was still in APCA House in Noida (on the outskirts of Delhi).

APCA, helmed by Dileep Padgaonkar and Anikendra Nath (Badshah) Sen, had taken charge of recruiting people and launching the venture as a BOT (build-operate-transfer) project. They did the job nicely and handed over the project to the Sakal group on November 1, 2008. Everything seemed good for all of us.

Then, since about a month ago, things began to go wrong.

About 8-10 people were asked to leave, but resident editor Dhananjay Sardeshpande called in groups to assure that nobody from the news bureau and features would be touched.

“Our plans have got delayed because of the market condition, but we will launch our Delhi edition by the end of this fiscal and our other plans are still there. We need all you people to be part of our vision,” he told us.

Just about two days ago, one colleague, who called him up, was told by Anand Agashe, director-editor of the newspaper, that whatever rumours were floating around were baseless. He, of course, said there will be a reduction of the number of pages, and a decision would be taken around December 2-3.

Suddenly, on the morning of November 30, a “Notice”, actually a print out on a blank sheet of paper (not the company letterhead), signed by an “authorized signatory” whose name or designation was not mentioned, was found pasted on the locked gates of the premises at the 1st floor of Pratap Bhawan on Bahadurshah Zafar Marg, saying the Delhi operations are being wound up.

The letter was dated November 30, while the termination notice, with a cheque for part of our salaries for this month and one more month (minus the allowances which are paid against bills submitted) were sent through SpeedPost™ to all of us individually at our residence addresses from Poona on November 29 (some of us got the mails on December 1 while others are yet to get their individual copies).

The so-called ‘Notice’ said:

(For the information of the employees working for Sakaal Times)

Subject: Operations of Sakaal Times at Delhi

The new daily is incurring heavy expenses on Delhi operations resulting into substantial losses to the company. You are aware that this is further compounded by the present serious downtrend in the economy. Due to the same the circulation and the revenue generation of the newspaper has been seriously affected. Due to this it has become inevitable for the company to restructure its operations. On account of the said restructuring the Editorial work so far carried out at Delhi is no longer required to be continued. As a result, the operations are stopped forthwith and the persons working for Sakaal Times operations are being relieved. The necessary communication has already been sent to the individual employees on their postal address registered with the company. The relevant employees need not attend the office from today onwards.

The work of Magazines and TV will continue after some modifications of the premises for which the same will be closed for few days.

For Sakal Papers limited

Authorized Signatory

There was a rubber stamp of Sakal Papers Limited, New Delhi, affixed next to the illegible signature, which looked like an “A”.

Agitated employees gathered during the day itself on Sunday, November 30, to discuss the matter.

Quite astonishingly, colleagues who were working till late night on November 29 had no inkling of what was going to happen in the morning. In fact, one colleague was in Rajasthan covering the elections there when the lock out was announced!

The employees, finding that the premises have been locked out with some of their valuable belongings inside (eg, bank pass books, cheque books, etc) decided to register a complaint with the IP Estate Police Station regarding this. Photo Editor K.K. Laskar, as the convenor of the Committee of Sakaal Times Employees formed to fight the sudden lockout, registered the complaint.

Till then, nobody who has a say in Sakaal TimesAbhijit Pawar, Anand Agashe, Arun Barera, Dhananjay Sardeshpande, HR director Pradeepkumar Khire—picked up numerous phone calls made by senior journalists who wanted to find out the exact situation.

But within one hour of filing the police complaint, Pawar called up Laskar, claiming there had been a “communication gap” and things should not have been done as they have been. He “requested” Laskar to ask all employees to come to office on Monday, December 2, to discuss the matter with a team from Poona.

Almost at the same time, Pawar, Khire, Agashe gave contradictory and false statements to media persons who contacted them on the developments: “Abhijit Pawar, managing director of the 76-year-old Sakaal Media Group, said staffers had been informed earlier.

It has just been brought to my attention that the communication hadn’t reached everyone, and I’m sorry if that is the case. I have been told that a communication had been made informally to senior members of the staff in Delhi and it was supposed to have reached everyone. Everyone is being adequately compensated,” Pawar added.

Just look at the casual stance he has taken. Saying just a mere “sorry” for snatching the livelihoods of around 80 people.

Just look at the way he claims “I have been told.”

Do you “informally” communicate to senior staff or any staff members about a lock out (which anyway is a blatant lie as there was no such communication to anyone)? “It was supposed to reach.” The sheer insensitiveness of this man seeps through every word of his quote.

Sakal Papers’ Director, Human Resources and Operations, Pradip Khire denied the charge of the staff that they had not been informed about the impending closure. ‘It was communicated to them that their services are no more required and their dues are being settled,’ Khire told Indo-Asian News Service in Poona.).

Another blatant lie.

Can he provide any proof that staff had been informed about the closure?

Even the “termination of contract” letter received by some people on December 1 (posted on November 29, but received only by some on Dec 1) does not mention anything about the closure. It only talks about the company’s “right” to “terminate your services without assigning any reason by giving one month’s notice or a notice pay in lieu of notice—the company has decided to exercise this right and is terminating your contractual employment w.e.f 30-11-2008 after working hours”.

Where is the mention of the lockout? Can you find another such example of fork-tongued speak? (sic)

As we all know, there is a standard procedure for lock outs. Businesses may and do go bad, but the way Sakaal Times has done it, is pure evil. If it reminds everyone of how some chit fund operators vanish after pocketing money of investors, well, you are not at fault.

Any ethical company would have taken its employees into confidence, told them that they would have to shut down, and would have given them at least a month’s time so that they can look out for alternative jobs. But this is what a 75-year-old media group does.

This is what an aghast observer wrote to various e-groups:

“…The lock-out is illegal as they have not followed labour laws. The journalists have formed an action committee that plans to move court. The nearly 50 journalists are angry and aghast at such despicable treatment. This is an insult to journalists all over India who should rise to the occasion and send their condemnation to Sakal Papers Ltd. This is a paper with deep pockets thanks to its Marathi print monopoly….”

This is just for information of all media people, because if in future this group tries to hire you, beware and don’t fall for its so-called reputation. It’s a den of cheats and liars.

And please forward this mail to all mediapersons you know.

Also read: Old habits die hard for a ‘new’ newspaper

THE HOOT: Pink slip time

Forget the news, you can’t believe the ads either

9 January 2008

The selling of the news columns in Indian newspapers, a pernicious practice that deliberately blurs the distinction between independently generated news and paid advertisements, has assumed pandemic proportions with language publications unabashedly apeing the market-leader The Times of India, which pioneered the move.

But, it now turns out that even paid advertisements are no longer what they seem in the Times group. Very often, they are tied to the group’s investments in select companies. The news and advertising exposure these companies get in its publications, boosts their stock prices, that swells the bottomline of the investing company.

It’s a win-win but guess who loses?

SUCHETA DALAL, India’s numero uno business investigative journalist who cracked open the Harshad Mehta case, and who now runs the personal finance magazine MoneyLIFE, throws light on a new strategy of the group that “tears down every shred of the wall between editorial, advertising and public relations”, and takes readers and investors for a royal ride.

***

By SUCHETA DALAL

If you are an investor who depends on India’s largest-selling economic newspaper for unbiased news, then you must know and understand the concept of “private treaties” (PT). Since The Times of India (TOI) far outsells every other English newspaper and The Economic Times is by far the market leader in the economic news category, the concept is of universal interest.

Although PTs sound like agreements between two sovereign nations, they are, in fact, pacts between the Times of India group and approximately 100-odd companies, under which TOI buys shares of small and fast-growing companies. The list is expanding rapidly.

In an article for India-Seminar on “The changing Indian media scene“, T.N. Ninan, editor of Business Standard, described PTs as “basically the transfer of shares in return for advertising.” He said, Bennett Coleman & Co, which owns the Times of India group of publications, “invests in usually mid-rung companies that are keen to jump into the big league but are perhaps without the big bucks to spend on marketing. The share purchase money is immediately taken back against the promise of guaranteed advertising in Bennett publications—to build the investee company’s brand(s). Part of the deal is even said to be editorial coverage, though this remains unconfirmed.”

Ninan goes on to say, “If true, by definition, this will have to be positive coverage” because “the brands have to be built up, so that the shares bought by Bennett gain in value and can be sold.”

Well, reports of guaranteed editorial coverage are no longer “unconfirmed”, as Ninan put it.

MoneyLIFE has in its possession a document to prove that journalists are being designated as “champions” for PT clients to tailor editorial coverage to enhance the value of these companies and TOI‘s investment.

An e-mail by The Economic Times editor Rahul Joshi (dated 29 November 2007) says:

“At ET, we are carving out a separate team to look into the needs of Private Treaty clients. Every large centre will have a senior editorial person to interface with Treaty clients. In turn, the senior edit person will be responsible, along with the existing team, for edit delivery. This team will have regional champions along with one or two reporters for help—but more importantly, they will liaise with REs (Resident Editors) and help in integrating the content into the different sections of the paper. In this way, we will be able to incorporate PT into the editorial mainstream, rather than it looking like a series of press releases appearing in vanilla form in the paper.”

Joshi then goes on to name the PT “champions” for each region, who will “advise” the regional editorial chief to carry ‘stories’ about PT clients. He also designates “trouble shooters” in each region, probably to ensure that no PT client is offended with negative coverage.

While this kind of support for advertisers in the editorial pages is extraordinary anywhere in the world, it is important to remember that there is nothing clandestine about what TOI is doing. The PT arrangement, along with all the “benefits” that would accrue to those who sign up, along with testimonials from successful PT customers such as Nirmal Jain of India Infoline and others is on two group websites. These are www.privatetreaties.com and timesprivatetreaties.com.

In the past two years, TOI has invested over $500 million (approximately Rs 2,000 crore) in 114-odd companies in diverse businesses. It is a private equity firm.

TOI claims that when these companies are mentioned editorially, its investment in them is mentioned. Indeed, one occasionally notes such a mention, but how many investors understand what PT stands for or the relationship that is implied? Moreover, while such a disclaimer may work when a press release is published, will it be followed when journalist “champions” work hard to “integrate the content” to ensure that it does not look like “vanilla” press releases?

Typically, the Times group buys a 5%-10% stake in mid-sized companies that are planning to go public or looking for private equity. The investment can vary from Rs 10 crore to Rs 100 crore. The company agrees to invest an equal amount in advertising in Times publications over a three-to-five-year period at a steep discount to the normal advertising rates.

Most companies that sign PTs are those planning public issues, selling expensive realty projects or looking for private equity. All of them are looking for publicity and an assurance of positive editorial coverage. For the Times, it is usually a double bonanza: significant capital appreciation and tax-free income (since there is no long-term capital gains tax)—on the other hand, advertising revenue is fully taxed.

Investors must know the exact list of Times PT clients (which is available on their website for easy reference) because you are least likely to hear any bad news about these companies. They include:

# Deccan Aviation
# Sobha Builders
# India Infoline
# Emaar MGF
# Celebrity Fashion Ltd
# The Home Store
# Amity Education
# Media Video Ltd
# Vishal Retail Pvt Ltd
# Zicom
# Ezeegol.com
# Avesthagen
# Bartronics Ltd
# Paramount Airways
# Almondz
# Archies
# Future Group
# Thyrocare
# Raja Rani Travels
# Sahara One
# Percept Pictures, etc.

It offers “advertising support, branding support and corporate image development.”

PT’s vision is stated as follows:

# We dare to go where no one has dreamt of venturing before.
# We seek advertising clients that no one wants.
# We look for value that no one sees.
# We co-create wealth that no one imagines.

All this is fine from the business perspective of the Times. Where does the group’s “win-win relationship” with PT customers leave the readers/investors? They clearly do not figure in the equation at all. The group indeed tests the limits in what passes off as news, but in the cut-throat fight for the advertising buck, what exactly is an “advertising client that no one wants”? Surely, not India Infoline?

The PT website lists every press release issued on behalf of PT clients. The headlines alone reveal the slant. For instance:

# ‘Skyscrapers all set to change Noida skyline’ (TOI)
# ‘Milk & Honey Towns’ (ET)
# ‘Companies rake in big moolah serving NRIs’
# ‘Sai Info to come up with 18 e-malls by March’
# ‘Airline mergers is bad news for consumers’ (for Paramount Airlines)
# ‘What you get is exactly what you have paid for’ (for Gitanjali)
# ‘Parajia has ability to swing big deals’ (for India Infoline)
# ‘Gitanjali Lifestyle to ride high on luxury’
# ‘Reason to Smile’ (for GTL, earlier Global Telesystems)
# ‘Pantaloons rolls out the red carpet to woo the last minute Durga Puja shopper in Kolkata’
# ‘Bajaj bros resume legal battle over empire’ (this one for Bajaj Hindusthan is particularly interesting) and finally check this one for Osian—‘India’s brush with soccer is all set for a change. History is being re-written on a new canvas and the view looks optimistic’.

This unique “win-win” situation indeed works wonderfully well in a monster bull run. While companies and the publishing group are the real winners, the investors are losing nothing at the moment. But remember this is a two-year-old concept and the implications of tearing down every shred of the wall between editorial, advertising and PR will be evident only when things look less sunny for the markets and the economy.

Photograph: courtesy suchetadalal.com

***

Crossposted on churumuri.com

Follow

Get every new post delivered to your Inbox.

Join 7,699 other followers

%d bloggers like this: