Media Sector

Newspaper giant McClatchy to eliminate 1,600 jobs

Newspaper giant McClatchy to eliminate 1,600 jobs San Francisco  - US newspaper giant McClatchy said Monday that it plans to eliminate 1,600 jobs, or 15 per cent of its workforce, in yet another indication of how the recession is deepening problems in the already troubled newspaper business.

TV Today Network to buyback 10% share at Rs 115

TV Today Network to buyback 10% share at Rs 115TV Today network, the promoter of Aaj Tak news channel, informed on Tuesday that it would buyback 10 per cent equity from public at Rs 115.

The offer price of Rs 115 is at a premium of 102 per cent to the company's yesterday's closing price Rs 56.95 on the NSE.

The company proposes to buy back a maximum of 47.79 lakh equity shares and a minimum of 2 lakh equity shares from existing shareholders at Rs 115 per share for an aggregate amount of about Rs 29.30 crore.

The buy back would commence on March 16 and would close on July 30, 2009.

About Buddha-Pranab bonhomie & Bangladesh

The continued mutual praise between West Bengal chief minister Buddhadeb Bhattacharjee and Union external affairs minister Pranab Mukherjee continued to enthuse Bengali newspapers. And Trinamool Congress chief Mamata Banerjee's irritation over it added spice to news items. Bengali dailies sensitive to affairs in neighbouring Bangladesh also gave prominent coverage to the BDR attacks in Dhaka.

The bonhomie between the Congress and the Left began at a function in Kolkata last Sunday when Mukherjee, in the presence of Bhattacharjee, criticised Mamata's movement against industrialisation in the state.

Stimulus for the media sector, too

15% agency commission on govt ads waived

10% increase in DAVP rates

The government is announcing sops for the media sector in phases, ahead of general elections. While the information and broadcasting (I&B) ministry had earlier this month announced abolition of customs duty on newsprint, it has now waived the agency commission on DAVP (Directorate General of Audio Visual Publicity) advertisements, and also increased ad rates.

IPL controversy led to resignation of Sony CEO

IPL controversy led to resignation of Sony CEOThe ongoing BCCI-Sony controversy, over sponsorship deals for IPL matches, paves a way for resignation of Sony Entertainment CEO, Kunal Dasgupta. BCCI, while tightening noose around Sony, also threatened to terminate the broadcaster's IPL rights if its losses are not met by the broadcaster. BCCI believes that deal of Airtel with Sony is the main reason for walked out of Reliance-ADAG, leading large scale revenue loss to the cricket control body.

12.5 percent growth projected for media industry

12.5 percent growth projected for media industry A joint study by the Federation of Indian Chambers of Commerce and Industry (FICCI) and KPMG estimated that the media and entertainment industry will grow at 12.5 percent over the next five years to cross the Rs 1,00,000-crore mark by 2013. The report showed that it grew 15 percent annually since 2006 into an $11.68-billion industry in
2008.

The Study says: "In many ways, 2008 was a testing time for the industry. With the global economic slowdown affecting advertising spends, sectors like TV, print, radio and outdoor that depend on advertising revenues were affected."

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