Blackstone invests $50m in Jagran Media Network

Private equity firm will invest in Indian media group.

Jagran Media Network is the holding company of Jagran Prakashan Ltd (JPL), which publishes Dainik Jagran, claimed to be the largest circulated vernacular daily in India. Akhil Gupta, chairman and managing director of Blackstone Advisors India, said the private equity firm acquired the stake as it believes that Indian vernacular dailies will grow significantly in the years to come. It is Blackstone's first investment in an Indian media company.

According to a joint statement issued by Blackstone and Jagran Media, Dainik Jagran has 54.6 million readers, prints 37 editions and has more than 200 sub-editions across 11 states. The Irish media company Independent News and Media (INM) sold its 7.5 per cent stake in JPL just a month before this acquisition.