Acquisition of the Times Group’s Bangla daily “Ei Samay” by lesser-known firm Tidings Media and Communication Pvt Ltd. has created a sensation in the media and advertising sector.

This has generated a lot of chatter considering the daily was owned by the Times Group, one the largest and oldest media houses in India, and the firm which has acquired Ei Samay is barely a month old, and its promoters were not much known outside Bengal, till now.

Sanjay Basu is the man of the moment. Basu is the man behind the deal, which is believed to be the biggest in the language media segment in Bengal. He is also the majority shareholder in Tidings Media and Communication Pvt Ltd.

Industrialist Anurag Chaudhary, Chairman, Managing Director & CEO, at Himadri Speciality Chemical Ltd. is the other major stakeholder.

Ei Samay, launched by the Times Group in 2012, accounted for a mere 1-2 per cent of BCCL's overall media business. The Group, split last year between brothers Samir and Vineet Jain, was reportedly unwilling to continue running the language paper.

Basu refused to share the figure he paid to acquire the paper, saying: “I am bound to confidentiality clauses of this deal with BCCL.”

Basu is also considered a close aide of West Bengal Chief Minister Mamata Banerjee and is the standing counsel of the state in the Kolkata High Court and Supreme Court.

While critics speculate Ei Samay would become a mouthpiece of Trinamool Congress (TMC led by CM Banerjee) with the change in ownership, Basu insisted, "Ei Samay will be a neutral newspaper."

“Editor Hirak Bandopadhyay continues to lead the team. The entire staff of 78 reporters has been retained. We wish to strengthen our editorial content further and will rope in middle and senior-level journalists who have left the state but are willing to return. The entire media industry is full of Bengalis,” he quipped.

Basu eyes expansion of the daily across the state. “Currently we are catering to Kolkata and the four surrounding districts. We have a huge scope of growth. The news of our acquisition has also led to some English dailies making acquisition offers,” he claimed. 

However, Basu has decided to strengthen his maiden media venture before acquiring more entities.  

He spoke to e4m exclusively over the phone to share his vision behind the acquisition, positioning of Ei Samay and expansion plans of his media venture.

Excerpts:

What prompted you to venture into the media industry and that too with a language newspaper Ei Samay?

Over the last four years, I had been noticing the decline in the Bangla newspaper industry, in terms of content, advertising and subscription revenues.

BCCL wanted to divest Ei Samay for quite some time. They discussed it with me for a legal understanding. Ei Samay is the number 3 language paper in terms of circulation in Kolkata, after Anand Bazar Patrika and Dainik Poriborton. I thought why shouldn't I acquire the paper. I spoke to Anurag for partnership in the venture and he agreed to my proposal.

What is your vision behind the acquisition?

The overarching vision that promoted the acquisition of Ei Samay was not only to blend the tradition with innovation in the media landscape, but to become the best in the class that there is among various papers. We, at Ei Samay, want to cater to the growing Bengali audience in India as well as the overseas diaspora through the print and digital medium.

This was necessitated considering that the Bengali reader is educated, well-travelled, and passionate about their State and Nation, and we wanted to bring to them a newspaper that evolves every day to provide neutral and balanced reporting of news and non-news content. 

Our primary task from the Ei Samay editorial team is to uphold the principles of journalism as opposed to ‘sensationalism’. This is not just my vision, but a shared vision of all the promoters of Ei Samay – be it me, Anurag Chaudhury (CMD and CEO of Himadri Speciality Chemical Ltd) et al.

This shared commitment underscores the continuity of Ei Samay's values and principles, providing reassurance to the editorial team and staff.

The vision is clear and straightforward: to make it the most loved and popular newspaper in  Bengal.

What would be your content and growth strategy for the market?

Our management team is robust and well-versed with the demands of the industry. The management team of Ei Samay will work with the editorial team, which retains complete editorial independence, to strategise and ideate our growth objectives. As investors, we have made a conscious decision not to be involved in executive decisions since we have the right people to do this. That said, we do have a clear business plan and growth strategy which we cannot share since it is confidential. 

Who would lead the Ei Samay editorial now?

The editorial team of Ei Samay continues without any change vis a vis its former ownership. Hirak Bandyopadhyay, who is well-recognized in the industry for his nonpartisan and balanced views, continues as Executive Editor of Ei Samay and leads the entire editorial team as he did before the acquisition. His leadership will be strengthened and supported by getting on board brilliant minds in the media industry from within and outside the state, which will ensure that continuity is maintained in the organization in deference to the expertise and dedication of the existing team and in recognition of their invaluable contribution to Ei Samay's success.

What is the size of the deal?

I am afraid that on account of confidentiality, I will not be able to disclose that, and this confidentiality is a testament of both ours and Times Group’s commitment to transparency and reassurance in our business operations.

Have all existing staff been accommodated in the new set-up?

Yes, all employees and consultants (including freelancers) who were exclusive to Ei Samay have been accommodated. We deeply value each and every member of our team and are committed to their growth and stability. The paperwork and post-acquisition formalities are underway to ensure a smooth transition for everyone, further demonstrating our unwavering commitment to their well-being and professional development.

Does the group have any more plans to cater to Bengali consumers in more ways?

Our group has mega plans for the future, not restricted to Ei Samay only. While we are committed to growth and success, and will be going all in to make this venture a success, we also believe in taking measured steps for long-lasting success. As a priority, we are focusing on completing post-acquisition formalities and implementing best practices.

Moving on, we shall be dedicated in our endeavours to ensure the best for our teams and stakeholders in terms of growth, stability, and profitability, reaffirming our unwavering commitment to Ei Samay's future.

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