Newspaper publisher Deccan Chronicle Holdings has reported that the company is in talks with New York Times Company, owners of the "International Herald Tribune" for sale of 5% stake in one of its subsidiaries.

In an official release, the company stated that the New York Times Company has proposed to acquire a 5 per cent equity stake in Sieger Solutions Ltd, a 100 per cent subsidiary of Deccan Chronicle Holdings.

Sieger Solutions is engaged in the business of selling advertisement space in Deccan Chronicle and internet advertising.

However, financial details were not disclosed. The acquisition would be subject to statutory approvals and respective board approvals.

Earlier, Deccan Chronicle was reported to be in the lookout for selling 5 to 8% in Sieger Solutions, the owner of the Deccan Chargers IPL team to a strategic investor.

Shares of the company gained Rs 1, or 1%, to end at Rs 124. The total volume of shares traded was 2,026,286 at the NSE. (Friday)