Here's some news from the media space now. the Financial Times, FT, of London wants to publish from India. It is pushing for a change in the present policy that allows only 26% foreign direct investment, FDI, in the print media.
This is the first India visit of Lionol Barber, the editor of Financial Times and he is taking two weeks out, not only only to soak in the country but also to persuade policymakers to allow FT to publish for an Indian audience from India. At a meeting with Commerce Minister Kamal Nath, among other government leaders, Barber made a strong case for policy change, talking about its influence over global business leaders, and holding the flag for Lakshmi Mittal, in his fight for Arcelor.
Editor, Financial Times, Lionel Barber told CNBC-TV18, "We will be very different from everyone else and not just in terms of colour. But will aim for elite readership, global minded business reader, it's a niche product and this business model we have been persuing very successfully in the US. Now we sell more in the US than UK."
But Indian newspapers pack in a lot of clout, and even though the publishers of the Times of India for instance, regards them as a consumer product like any other, when it comes to foreign direct investment they seek protection for newspapers as cultural entities. Political parties have bought into that argument and after a bruising fight, have allowed FDI up to 26%. FT has a long-standing tie-up with Business Standard and while that will remaim, it wants to come in solo.
The International Herald Tribune has exploited a device in the Press Registration Act to publish from Hyderabad as an Indian title. But the Financial Times title has been appropriated in India by the Times of India Group. FT has challenged this and even though the courts have ruled in favour of the Times of India on some aspects of the case, FT thinks that is not an insurmoutable problem. Getting solo publication rights however could be quite daunting.
Vivian Fernandes and Bushra Bhushan
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