Sun Network moves closer to The Hindu
The close relationship between Sun Network and The Hindu is widely known. If rumour mills are to be believed, Sun Network is eyeing a stake in The Hindu (an unlisted entity). It’s not very clear whether The Hindu is actively scouting for investments. As fas as I know, The Hindu doesn’t have any immediate plans of tapping the equity markets either.
Media circles are abuzz that influential representatives of the Maran family have already sent feelers to Editor-in-Chief N. Ram for a stake-sale in The Hindu. (For the record, Sun is flush with money. Its scrip issued at Rs 875 through the book-building process is now hovering around the Rs 1,700 mark.)
Well placed sources say Sun’s initial overtures have been grandly rebuffed by the family owned newspaper. But given the manner in which the group muscled its way into the cable TV market with Sumangali, and the impunity with which it used Dayanidhi Maran’s position as Union Information Technology minister to obstruct the Tata DTH project (because the Tatas refused to give a stake to Sun), observers say the last word on the subject has not been said. [Link]
Although this can be dismissed as a rumour, I wouldn’t be surprised if this turns out to be true.