Exchange4media reports that HT Media Editorial Director Vir Sanghvi is joining as the CEO of the news business of Inx Media, the TV broadcasting company founded by former STAR CEO Peter Mukerjea and other media professionals. Apparently, as per an internal memo, Sanghvi will continue to contribute to HT and play an advisory role. Details at exchange4media.
Speculation has been rife about Sanghvi leaving HT for months, and we had contacted HT Vice Chairperson Shobhana Bhartia’s office regarding Sanghvi’s move, but they had declined to comment. Sanghvi had joined HT Media as the Editor of Hindustan Times in 1997 from the Anand Bazaar Patrika. He has hosted television shows on the Star network and NDTV. More on him here.
Given the fact that Sanghvi will be involved with both companies, I think there is synergy between HT and the news channels that Inx Media intends to start; this could mark HT’s entry into the TV content business.
Sahad adds: Business Standard reports that Peter Mukerjea is slated to announce his new broadcast venture today. The new company, Inx Pvt Ltd, plans to set up some 12 channels, including at least two news channels. Inx is getting investment from Temasek Holdings, Kotak Mahindra, besides a slew of individual investors. The report also says that Inx is unlikely to get direct investment from Mukesh Ambani. The company would approach Foreign Investment Promotion Board for approvals very soon. Inx is expected to invest over $1 billion in the venture, according to BS.