India: EMap buys 40% stake in NextGen
EMap (UK-based publisher) has acquired a 40.1% interest in Next Gen Publishing Limited (Next Gen), the Mumbai–based magazine publisher and current licensee of the Indian edition of Car, for a cash consideration of £3.7m.
Next Gen, which began operating in 2005, has two main businesses: consumer and B2B magazine publishing; and business directory publishing. Its consumer titles include Smart Photography, Car India (licensed from Emap), Bike India, The Ideal Home and Garden and Computer Active (licensed from VNU). In addition, Next Gen will be launching the Indian edition of FHM in the autumn. Its first B2B title, Commercial Vehicle, was launched in 2006.
Commenting on the acquisition, Paul Keenan, Chief Executive of Emap Consumer Media, said: “We see India as a prime market that will be highly receptive to our brands. Already an established publisher of English language consumer magazines and business services directories, Next Gen’s presence in the market will provide us with a strong base from which to explore opportunities to develop both our consumer and B2B brands.”
Read more in the release here