Indian media group assumes control of BBC’s local magazine business
Bennet, Coleman & Co. (BCCL), owner of the Times of India, has bought out joint venture partner BBC Worldwide to take full control of Worldwide Media, an Indian magazine publisher. The sale is part of a wider effort by the commercial arm of the UK public broadcaster to exit its magazine business to private investors.
Worldwide Media, in which BBC Worldwide held a 50% stake, publishes titles including the India editions of BBC Top Gear, BBC Good Homes, Hello! and Grazia, as well as local magazines such as Filmfare and Femina.
It hasn't been disclosed what BCCL will pay for the asset, but it is the smaller of two magazine deals worth a collective GBP121 million ($198 million). The larger transaction sees BBC Worldwide sell all of its non-BBC-branded magazines, including media listings guide Radio Times, to private equity firm Exponent. Titles that are directly tied to BBC programs - such as Top Gear and Lonely Planet - will be published by Exponent under a series of licensing and contract deals. In total, 33 publications are involved.
The BBC Magazines division reported profits of GBP21.6 million for the fiscal year ended March, up 9.1% year-on-year. Revenues fell 0.4% to GBP164.5 million. BBC Worldwide generated profits of GBP160 million and sales of GBP1.1 billion for the same period.
BCCL is part of The Times Group, India's largest media conglomerate. Headed by Samir and Vineet Jain, it is responsible for five newspapers, 31 magazines, 32 radio stations and three television channels.
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