MUMBAI: Television18, a group company of Network18, has entered into a partnership with Forbes Media to launch a business magazine in India.
The partnership will include a content licensing arrangement and will also envisage introduction of other Forbes products, subject to regulatory approval.
Plans are on to launch the magazine in early 2008. Network18 MD Raghav Bahl said, "Our partnership with Forbes for a business magazine in India is another compelling testimony to the growing acceptance of the Indian growth story worldwide. We will be strongly positioned to deliver a benchmark offering in the market by fusing the strong editorial and brand lineage of Forbes and our expertise in the Indian business media market."
Adds Forbes chairman, CEO and editor-in-chief Steve Forbes:"India is one of the prime markets Forbes has wanted to enter for sometime. We were waiting for the right partner and are so pleased that we have reached a partnership agreement with Network18. We look forward to making Forbes available to this forceful market soon."
TV18 on Tuesday announced acquisition of special interest and business categories publisher Infomedia India.
The partnership with Forbes will bring in strengths in the print space and will synergize with TV18's television and new media properties. Currently, TV18 operates India's leading business channels CNBC-TV18 and CNBC Awaaz, besides Newswire18 and a host of web properties like moneycontrol.com.
Network18 group CEO Haresh Chawla said, "Forbes is an ideal partner for us as we expand our competencies into the print medium and thus strengthen our position as one of India's leading full play media conglomerates. India's readership potential is yet to be fully tapped and as the market evolves, credible and strong brands will succeed in the print space. We see a lot of opportunity for value creation in this partnership by unleashing cross platform synergies and developing a roster of market leading offerings in the coming years. The addition of Forbes will further energize our business portfolio which already commands leadership through CNBC-TV18, CNBC Awaaz, Newswire18 and web offerings such as moneycontrol.com, indiaearnings.com."
In recent years, Forbes magazine has increased its international presence with titles such as Forbes Asia and licensed local language editions such as Forbes China, Forbes Russia, Forbes Arabia amongst others.
