NEW DELHI (Reuters) - HT Media Ltd. has signed an initial agreement for an equal joint venture with the Times of India Group to publish a tabloid-style newspaper in New Delhi, an HT official said on Tuesday.
"It will be modelled on the Mumbai Mirror," chief financial officer Vinayak Purohit told Reuters, referring to the Times of India group's compact newspaper which competes with tabloid Mid-Day.
Purohit did not give exact figures about the investment in the English-language paper and said the companies were yet to draw up a detailed business plan.
"But it will be a very small investment. We will use our existing printing and distribution facilities, so most things are already in place," he said.
With key editorial staff already hired, the paper should be out on the streets before the end of the year, he added.
