Times Group Split: MoU Finalised Between Jain Brothers
Finally, the issue in the Times group has been settled, the elder brother Samir Jain, The vice-chairman and managing Director of BCCL will take over the print business while Vineet Jain, managing director of the group will lead the broadcast, digital and entertainment business, informed by RPG Group Chairman Harsh Goenka.
Goenka disseminate this information through a Twitter post that read, “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!”
Vineet Jain will occupy Broadcast, Radio Mirchi, Entertainment (ENIL), and other businesses such as Filmfare, and Femina, their event IPs along with their respective online editions (clubbed under Times Internet). He will also retain ET Money and the OTT platform MX player.
Print is considered the bigger source of revenue which is why Vineet will receive a cash payout of at least Rs 3,500 Cr from his elder brother to balance out the partition. This amount may go up to Rs 5,000 Cr depending on multiple factors.
Samir will be sought for the funds so that he can pay his younger brother Vineet. Both Jain brothers will be looking for more investors to boost their business after the partition.
According to the sources, Internet tech company Times Internet and real estate will be divided equally.
