11.3.05

 

Exhibit Nineteen

Tuesday, March 01, 2005

Times makes Mid Day an offer it can't refuse. May up stake to 20%

Will Mid Day Multimedia Limited soon be a Times of India group company?
Although we have no official confirmation from either of the newspaper companies, our sources at the latter and at investment companies indicate that The Times of India has made Mid Day an offer that it cannot refuse.

The investment folks tell us that Times may just up its current 7.44 per cent stake to 20 per cent, secure a berth on the Board and then look at full acquisition at a later date. But our sources in BCCL tell us that there is talk also of a full takeover.

Tariq Ansari, who normally responds to Mediaah’s mails pretty promptly, uncharacteristically turned a deaf ear to our plea for clarity. Mid Day has just moved to a new office and even though the newspaper is doing exceedingly well, the radio division – Go 92.5 – is pecking furiously at its bottomline.

According to a stockmarket analyst, Mid Day is in the same situation as a Business India was some years back. Television was a passion with Ashok Advani then, and radio is the same for Tariq Ansari. And this passion has virtually blinded Tariq into pumping print profits into a medium that requires exxxxxxxtremely deep pockets. The heart has gained precedence over the brain, and while Go may receive wah-wahs with the hipset of Bombay, it isn’t a mass station like Radio City or Radio Mirchi. Or even the equivalent of what a Mid Day is in print.

A Mid Day top brass had once told a journalist that whosoever matches a certain stockprice can buy the company. Well, almost. So in the sabzimandi of Indian media, we believe that the Times have made Mid Day an offer that it finds too irresistible.

Should Mid Day sell stake? Should it sell stake to the Times? Will Times use Mid Day to serve its own ends? Will it continue its policy of treating Mid Day journalists as B-grade employees and pimp Mid Day print space under the garb of Medianet?

Mediaah! learns that a few top Mid Day journalists will put in their papers IF Times picks up controlling stake. A large section of the sales executives have already deserted the company, including former COO Bikash Banerjee who has moved to Business Standard. While the print circulation has reached a new high, the morale could hit rock bottom if Times picks up more stake.

Tariq Ansari will need to do more than just a bit of explaining to employees if he chooses to let his labour of love to become a plaything of the ToI to kill competition. Just selling the entire or part of the family’s 63.79% stake for monies may make fantastic financial sense, but if money is what the Ansaris were interested in making, they could’ve done a lot of other things in life. Right?


What’s your view on Mid Day selling stake? Should it? Should it not? Should it sell to the highest bidder? Will Mid Day loses its masti if Times buys it? Or are we over-reacting? Email your views to midday@mediaah.com

A disclosure: the family of this blogger owns 500 shares of Mid Day Multimedia bought entirely for investment purposes and with the faith that the company had a tremendous future. We repeat: with the faith that the company had a tremendous future... :-(
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