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Saregama to demerge ‘Open’ magazine biz
MUMBAI: Saregama India Ltd, the RP-Sanjiv Goenka Group’s music label and content production company, is planning to demerge its publication business housed under wholly owned subsidiary Open Media Network.
Open Media Network publishes the weekly current affairs and features magazine ‘Open’.
Saregama said that its board of directors would meet on 28 December “to consider and approve the scheme of arrangement involving demerger of publication division of its wholly owned subsidiary Open Media Network”.
First launched on 2 April 2009 in 12 Indian cities—Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Lucknow, Chandigarh, Jaipur and Kochi, ‘Open’ has since expanded its reach and is now available across the country.
As per information available on its website, ‘Open’ addresses the ‘progressive’, ‘globally minded’ Indian, and tries to stay faithful to its promise of not dishing up regurgitated news or majoritarian opinion.
Saregama India has been increasing its stake in Open Media Network over the years. While currently it is a wholly owned subsidiary, at the end of FY 2014–15 (31 March 2015), Saregama’s holding stood at 75.18 per cent. At the close of the previous fiscal (FY14), it held 58.63 per cent in the company.
For the fiscal ended 31 March 2015, Open Media Network posted a net loss of Rs 8.92 crore (Rs 89.17 million) on a turnover of Rs 7.76 crore (Rs 77.60 million).
The company’s total liabilities stood at Rs 9.24crore (Rs 92.42 million) excluding reserves and surplus.
On Friday, shares of Saregama jumped 17.02 per cent on the BSE to end the day at Rs 400.20 apiece.