Amidst the winds of change, the Bennett, Coleman & Co, Times Group, embarks on a transformative journey, as the age-old conflict between the visionary brothers, Samir Jain and Vineet Jain, finds its resolution. Times Group split: the dawn of a new era sees the conglomerate undergoing a strategic split, orchestrated with meticulous precision, unraveling the tapestry of assets and responsibilities that have been intricately woven over the years.
Speculations of an impending split had been circulating for several months, and industrialist Harsh Goenka tweeted on Friday night that the matter had finally been settled between the Jain brothers, who have a 10-year age difference.
Insider information suggests that Samir Jain, aged 69, will take control of the entire print division, which includes notable publications like The Times of India, The Economic Times, Navbharat Times, Vijay Karnataka, and their online editions.
On the other hand, Vineet Jain, aged 59, will assume ownership of the Times Network, the broadcasting segment of the Times Group. This includes Entertainment Network India, which encompasses the radio business, as well as other divisions such as Filmfare, Femina, and their associated event intellectual properties like the Filmfare Awards and Femina Miss India. Vineet will also retain ownership of ET Money and the OTT platform MX Player, according to reliable sources.
Given that the print business of The Times Group generates higher revenue compared to the other divisions, it is reported that Vineet is likely to receive a cash payout of at least Rs 3,000 crore from his elder brother to balance the partition.
The Jain brothers have taken steps to initiate the separation process by signing a memorandum of understanding (MoU). Legal firm Cyril Amarchand Mangaldas has been entrusted with handling the necessary legal formalities for the division.
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