In a revelation made on Wednesday, Jagran Prakashan said that it has taken over all the publications of Mid-Day Multimedia. The total cost for the deal was Rs. 175 crore or $40 million.

Jagran is one of the biggest and largest dailies and has gone for this so that it can increase it readership.

The way of de-merger will be used for acquiring all the dailies of Mid-Day Multimedia. This includes Mid-Day along with Sunday Mid-Day, Gujarati Mid-Day and the Inquilab.

Inquilab is amongst the most read dailies in Urdu language.

These are published by the publication in its four centers as of now.

Talking about the deal, Mahendra Mohan Gupta, CMD of Jagran Publication said, "Mid-Day and Inquilab both are strong brands enjoying unique market position, which will be further strengthened."

He further added that acquisition will help Jagran in increasing its market share and also allow it to enter into newer markets.

This deal would allow the resource pool of both the media houses to be joined and used for expansion.

Earnst & Young did the valuation and a Swap ration of 2:7 for Jagran: Mid-Day was decided.