Ground Report | New Delhi: Times Group brother divided; Following the death of Indu Jain last year, the chairman of one of the largest and most influential news media companies in India, Bennett Coleman & Company Limited, is better known as Times Group, was succeeded by her sons Samir Jain and Vineet Jain has decided part ways, leading to the split of the biggest media houses.
According to The Morning Context report, Times Group is all set for a split between the two brothers, who have been at loggerheads for a long time over how to run the media business and who should have the final word on the company’s decisions.
Sameer Jain, the elder brother by a little over 10 years, is the Vice President of the company, while Vineet Jain is the Managing Director. The report states that the brothers decided to settle their disputes by dividing the wealth of their vast empire.
Reports state that the two brothers have been at loggerheads for some time, and are thinking of a possible way to resolve their conflict by dividing the wealth of their vast empire. “The two brothers have not been in talks for some time,” says one of the three people mentioned above.
“It’s not like they’ve always been with each other. The system has always been a compromise, but after the demise of his mother [Indu Jain] last year, things were on a slop.
BCCL is one of the oldest media groups in India, going back to the 1800s. Its business and investments include newspapers, television, radio, digital, out-of-home advertising, education, films, life insurance, etc.
The company commands a significant market share in most of these sectors. At its peak, in the financial year 2018-19, BCCL was earning over Rs 10,000 crore in annual revenue, with a net profit of around Rs 500 crore.
The Indian news industry has seen its three most disastrous years in 2019, 2020 and 2021. Legacy print businesses were on the decline anyway, given the economic slowdown in 2019; The pandemic came as a blow to him in early 2020.
Nevertheless, BCCL has borne the brunt of the pandemic as well as the economic slowdown. Revenue has declined over the years and the company has reported losses in the last two financial years, for the first time in nearly two decades.
The report said that from Rs 10,468 crore in 2018-19, BCCL’s revenue declined to Rs 9,733 crore in 2019-20 and Rs 6,210 crore in 2020-21.
For the longest time, 68-year-old Samir Jain has ruled the Times Group. He is credited with turning the company’s newspapers into an advertising-based media machine. Vineet Jain, 57, on the other hand, is the brother responsible for expanding the group’s television news and entertainment as well as internet businesses, which haven’t turned out to be the revenue churn that it was expected to become, reports said.
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