Samir and Vineet Jain, the promoters of the Bennett, Coleman & Co. Ltd., better known as the Times Group, have reached a settlement to split the media conglomerate's assets between them, according to RPG Group Chairman Harsh Goenka.
The elder brother Samir Jain, 68, the vice chairman and managing director of BCCL, will handle the print business, Goenka tweeted. Vineet Jain, 56, managing director of the group, will take control of the the broadcast, digital and entertainment businesses, he said.
News websites tracking the media sector also reported on the development. BQ Prime could not independently verify this.
Separate queries emailed to the Jain brothers on Saturday morning didn't elicit a response.
I am delighted that the Times of India group issue is finally settled. Samir Jain lords over the print business and Vineet gets the digital, TV and entertainment business.
All's well that ends well!News outlets such as The Morning Context, Business Standard and Bloomberg had earlier reported that the brothers were headed for a settlement and a split was imminent.
The BCCL's operations span from publishing some of the country's most-read dailies such as the Times of India, the Economic Times and the Navbharat Times to producing Hindi films via its unit Junglee Pictures Ltd. and operating TV channels such as Times Now.
It is also a prominent player in internet publishing through Times Internet, which operates several news websites, Gaana.com and Magicbricks.com. The BCCL also owns the Bennett University, a private educational institute in Greater Noida.
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