MUMBAI: The publisher of the UK's leading business daily, the Financial Times, has reportedly teamed with an Indian media group to launch a new title in the sub-continent.
Pearson and Network 18 Media & Investments, which controls business news television channel, CNBC-TV18, are hoping to have the new publication on the streets before the of the year.
The UK company is banking on the burgeoning Indian economy and the increasingly affluent middle-classes to attract advertising revenues.
It believes its reputation, together with that of CNBC, will persuade readers to migrate from rival titles.
Currently all parties are staying tight-lipped.
To clear the decks for the new venture, Pearson has sold its 14% stake in India's Business Standard title to the banking conglomerate Kotak Mahindra. Meantime, a report from Hong Kong-based consultancy Media Partners Asia claims revenue from Asia's pay television and broadband industries is set to more than double within a decade on the back of the region's booming economy.
According to Asia Pacific Pay-TV and Broadband Markets 2008, revenues have grown 22% a year on average over the past five years to $53 billion (€33bn; £26.7bn) in 2007 and are expected to top $120bn by 2017.
MPA said India was the second-largest pay-TV market in the region after China, generating sales of around $5.2bn last year, and predicted growth to $18.5bn by 2017.
Data sourced from Wall Street Journal Online and Data sourced from Financial Times Online; additional content by WARC staff