A fortnightly newsletter covering developments in the Indian media industry. The newsletter is free and is also available for download at G2Mi.com. G2Mi.com is a leading website providing information and analysis on the global media industry.

1. India Media Monitor
India Media Monitor
| Fortnightly newsletter on the Indian media industry | Issue No. 3, Published 18 Mayl 2009 | Published by Heernet Ventures Limited (heernet.com) |
News stories
ZenithOptimedia forecasts advertising revenues for Indian media
Pudhari newspaper launches in Mumbai
Balaji announces annual financial result for the year 2008-2009
Aegis Group launched OOH media company Hyperspace.
Diamond Comics expands into children’s television
Zee Entertainment acquires a 40% stake in Zee Studio from Resource Software Ltd
Facebook launches Indian language interface
Ybrant acquires Latin American online advertising network, Dream Ad.
Data
Share price data
Radio audience analysis
Leading newspapers in English and Hindi language
Heernet Ventures publishes this newsletter as part of its research coverage of the Indian media
industry.
You can access more research on the Indian media industry from our research website at
G2Mi.com.
If you are a media company or financial investor seeking growth opportunities in the Indian media industry, we can assist you to
ensure that you are successful in identifying and executing the best opportunities. With dedicated teams in both London and India,
we are well placed to provide ‘on the ground’ assistance and support.
We can help you understand the structure of the Indian media industry and the key challenges that exist for foreign investors. We
can also assist with deep analysis of key industry segments and assist you in both identifying and negotiating with suitable, local
companies. Over the last five years, we have worked on assignments across the publishing, Internet and broadcasting sectors.
For an initial discussion, contact Harjinder Singh-Heer on +44 (0) 208 180 7223 or by email on harjinder@heernet.com.
© Heernet Ventures Limited. All Rights Reserved

2. India Media Monitor
News
Media Balaji announces annual financial result for the
year 2008-2009
Dated 13 th May, 2009
ZenithOptimedia forecasts advertising revenues The television and film prodution company Balaji Telefilms
for Indian media
has declared its annual results for the year ended March
Date 6th May, 2008 2009. Group revenues declined by 14% to Rs 3.4 billion
ZenithOptimedia has published its latest adspend forecasts and net profit fell to Rs 4.75 million (from Rs 955 million in
for India. It has forecast growth of 6.4% in 2009 with total 2007-2008).
adspend increasing to Rs 227.5 billion. Y/E march (Rs million) 2008 2009 % Change
Revenue 3,959.14 3,413.66 -13.8%
Y/E March (Rs billion) 2008 2009 % change
EBITDA 1,524.54 352.48 -76.9%
Newspapers 91.0 92.1 1.2% Net Profit 955.95 4.75 -99.5%
Magazines 11.4 12.9 13.2% Source: Company data
TV 85 93 9.4%
Radio 6.5 7.5 15.4%
Mukta Arts declares its financial results for 2008-
Outdoor 14.9 15.9 6.7% 2009
Digital 3.5 4.5 28.6%
Dated 13th May 2009
Cinema 1.4 1.5 7.1%
Film entertainment company Mukta Arts has released its
Total Adspend 213.8 227.5 6.4%
Source: ZenithOptimedia
financial results for the year to March 2009. The company
generated total revenues of Rs 1.6 billion (annual growth of
49%) and net profit of Rs 44 million (decline of 66% on the
Pudhari newspaper launches in Mumbai previous year).
Date 6th May, 2009 Y/E march (Rs million) 2008 2009 % Change
The Marathi daily newspaper, Pudhari has launched its Revenue 1,131.66 1,674.05 47.9%
eleventh edition in Mumbai; the company is planning further EBITDA 166.41 95.97 -42.3%
launches in the cities of Aurangabad, Nasik and Nagpur. Net Profit 130.3 43.84 -66.4%
The Mumbai edition is priced Rs 1.50 and is approximately Source: Company data
20 pages. Pudhari was started in 1937 and currently has a
daily circulation of 483,262 copies.
Aegis Group launched OOH media company
Hyperspace.
Dinakaran launched free classified pullout. Dated 12th May, 2009
Dates 13th May, 2009 Posterscope (a subsdiary of the UK-based marketintg
services group, Aegis) has launched a new Out Of Home
The Tamil daily newspaper Dinakaran has launched a new
classifieds supplement in its Sunday edition. The title has an media agency, Hyperspace in India. Posterscope already has
average daily circulation of 220,000 (ABC Jan-Jun, 2008). a large client base in India (including Philips India, Adidas,
Blue Star, UB Group, Pantaloons and Google); Hyperspace
will focus on more creative uses of outdoor media.
Doordarshan to offer Mobile TV
Dated 15th May 09
The public service broadcaster Doordarshan is looking for
partners to launch a Mobile TV services. The broadcaster
has already piloted services in some parts of Delhi.
© Heernet Ventures Limited. All Rights Reserved

3. India Media Monitor
Diamond Comics expands into children’s formed a new subsidiary in India to develop video-based
television outdoor advertising opportunities. The company will
Dated 13th May 2009 primarily target opportunities in Mumbai and Delhi.
The comics publisher Diamond Comics has announced plans Established in 2003, Screen Giant Media installs and
to launch a childrens television channel. Targeted at the 4- manages LED video billboards.
14 year age group, content will include both animation and
live action content.
Fever FM announed its annual financial results for
the year 2008-2009
Now Music Mobile Exchange to fight piracy Date 4th May 2009
Dated 13th May, 2009 Fever FM, HT Media’s radio business published its annual
The Indian music industry has launched a new body to deal results for the year to March 2009. The company generated
with the licencing of music for mobile services. The Music revenues of Rs 350 mllion and incurred a net loss of Rs 200
Mobile Exchange will provide a means for companies million. Fever FM broadcasts in New Delhi, Mumbai,
offering mobile music to get legitimate licences from music Bangalore and Kolkata.
rights owners.
Zee Entertainment acquires a 40% stake in Zee
Facebook launches Indian language interface
Studio from Resource Software Ltd
Date 8th May, 2009
Date 2nd May, 2009
Facebook has launched an Indian language interface to assist
users to navigate Facebook in a number of Indian languages Zee Entertainment Enterprises (ZEEL) has acquired a 40%
(including Hindi, Bengali, Tamil, Telgu, Punjabi and stake in Zee Studio from Resource Software for US$56
Malyalam). million. With this acquistion, ZEEL becomes the 100%
owner of Zee Studio, which operates English language
movie channels. Resource Software is an offshore (BVI-
Adlabs launches digital processing facility based) company which owns various media assets.
Date 8th May, 2009
The Indian entertainment company Adlabs Films has Radio City declared its annual financial results for
launched a digital content restoration and processing facility the year 2008-2009
to expand its range of media outsourcing services. This new
Date 6th May, 2009
facility will offer services to convert analogue media to
digital formats. Adlabs has a strong market position in film The commercial radio operator, Radio City published its
post-production services in India and is keen to expand its annual results for the year ended March 2009. The company
offering to target international markets. increased revenue by 18.5% to Rs 1.15 billion. Radio City
is owned by Music Broadcast (MBPL) and broadcasts in
Mumbai, Delhi, Bangalore, Lucknow, Hyderabad, Chennai,
NDTV launches new Chennai channel Jaipur, Vadodara, Ahmedabad, Surat, Vizag, Coimbatore,
Nagpur, Sholapur, Sangli, Pune, Ahmednagar and Akola.
Date 7th May, 2009
NDTV is launching a new local news channel, MetroNation
Chennai in a joint venture with the newspaper publisher, Square Circle Media Outdoors appointed Robin
The Hindu Group. The channel will officially launch on in Carruthers as the CEO
mid-May. Date 5th May, 2009
Square Circle Media Outdoors has appointed Robin
Heritage Media started its operations in India Carruthers as its CEO; he was formerly head of Clear
Date 6th May, 2009
Channel India. Square Circle Media Outdoors is part of the
marketing services group, Shlok Media and specialises in
The US-based digital signage company, Heritage Media
outdoor media.
Corporation (through its Screen Giant Media subsdiairy) has
© Heernet Ventures Limited. All Rights Reserved

4. India Media Monitor
National Geographic launched a mobile portal,
NGC Mobile
Images Group launches Living magazine in India
th Date 5th May, 2009
Date 5 May, 2009
National Geographic India has launched a mobile portal,
Images Group has launched the Indian edition of the
NGC Mobile. The portal provides users with access to a
lifestyle magazine, Living Etc. The title has been licenced
wide range of content (including photo, video, animations
from IPC Media, a subsidiary of Time Warner Company.
and ringtones).
The monthly magazine is a premium title and will be priced
at Rs 100.
Internet Telecoms
Directi acquires Ad.com domain name Sahara Group acquires minority stake in S Tel
st
Date 1 May, 2009 Date 6th May, 2009
The Indian web services company, Directi has acquired the The Indian conglomerate, Sahara Group has acquired an
domain name, Ad.com for US$ 1.4 million. 11.7% stake in S Tel, a Chennai-based telecoms company.
The company has telecoms licences for Assam, Bihar,
Himachal Pradesh, Jammu & Kashmir, North East and
Ybrant acquires Latin American online advertising Orissa and an all-India ISP licence. S Tel is controlled by
network, Dream Ad the Sterling Infotech group.
th
Date 4 May, 2009
The Indian online advertising company, Ybrant Digital has JS Sarma Appointed as Chairman TRAI.
acquired an Argentina-based ad network, Dream Ad. is a Date 14 May 2009
Based in Hyderbad, Ybrant Digital is an e-marketing
company and has recently announced plans to expand in Telecom Regulatory Authority of India has appointed JS
Latin America. Sarma as its new Chairman. he was previously a member of
the Telecom Dispute Settlement and Appellate tribunal.
For access to information and analysis on the global media industry, visit
G2Mi.com.
The website offers free profiles of over 1,000 media companies worldwide
and regularly updated industry research and data.
G2Mi also carries information on a wide range of detailed industry reports on
key growth segments of the global media industry.
For information on G2Mi (including advertising opportunities):
Please call +44 (0) 208 180 7223.
To subscribe to this newsletter for free, please register at G2Mi.com
© Heernet Ventures Limited. All Rights Reserved

5. India Media Monitor
Share Price Data
Company name Reuters Bloomberg Currency Current % Change
Code Code price
1 mth 6 mth 12 mth
Diversified Media
Adlabs Films ADLF.BO ADLF:IN INR 236.35 2.36% 35.06 -64.39%
UTV Software Communications UTVS.BO UTV:IN INR 306.40 14.76% 10.65% -61.56%
Broadcasting
Balaji Telefilms BLTE.BO BLJT:IN INR 40.60 -9.58% -4.16% -75.75%
Entertainment Network India ENIL.BO ENIL:IN INR 152.65 -3.72 17.42 -61.65
ETC Network ETNT.NS ETCN:IN INR 76.29 -5.22% -0.33% -71.65%
IBN Broadcast IBN.NS IBN18:IN INR 94.00 8.92% -6.93% -21.67%
NDTV NDTV.BO NDTV:IN INR 110.15 6.27% 21.04% -73.41%
Sun TV SUTV.BO SUNTV:IN INR 202 -.91% 25.00% -40.24%
TV Today Network TVTO.NS TVTN:IN INR 79.35 2.99 19.41 -28.25
Zee Entertainment ZEE.NS Z:IN INR 143.25 13.20% 18.29% -37.72
Zee News ZEEN.NS ZEE:IN INR 33.75 -7.66% 3.05% -40.27%
Publishing
Deccan Chronicle DCHL.BO DECH:IN INR 56.55 3.67% 24.29% -61.01
Mid day multimedia MIDD.BO MIDM:IN INR 13.95 -1.41 -5.42 -54.71
Navneet Publication NAVN.BO NPI:IN INR 54.25 7.53 22.32 -41.03
HT Media HTML.BO HTML:IN INR 66.95 11.58% 3.00% -52.45%
Jagran Prakashan JAGP.BO JAGP:IN INR 53.80 -8.81 5.70 -36.26
Entertainment
K Sera Sera Productions KSER.BO GPM:IN INR 11.30 7.11% -29.37% -60.83%
Mukta arts MUKR.BO MUKR:IN INR 39.65 -7.14% -33.97% -61.84
Prime Focus PRFO.BO PRIF:IN INR 125.80 -2.71% -38.93% -78.68%
Pritish Nandy Communications PNCL.BO PRTN:IN INR 18.15 -5.96% -2.42% -70.73%
Pyramid Saimira Theatre limited PYSA.BO PSTL.IN INR 17.40 -8.18% -62.82% -95.34%
Crest Animation CRCO.BO CRSA:IN INR 21.65 -21.27% -68.21% -38.84%
PVR limited PVRL.BO PVRL:IN INR 86.75 0.87% -10.57% -54.09
Internet
Info Edge INED.BO INED:IN INR 545.05 5.94% 33.59% -42.81%
Northgate Technologies NOTC.BO NORT:IN INR 48.95 13.31% -23.40% -86.99%
© Heernet Ventures Limited. All Rights Reserved

6. India Media Monitor
Deal Sheet
A summary of key deals and joint ventures over the previous 3 month period.
Date Sub Sector Investor Investee Terms Details
Apr-09 Advertising Future Group Dhar & Hoon 60% stake Future group is a leading Indian retail company which has
recently expanded into other sectors, Dhar & Hoon ia a mid-
sized advertising company.
Apr-09 Television Oman Investment Fund Neo Sports Rs2.58billion Oman Investment Fund (OIF) is an Oman based venture apital
(Oman) and 3i Broadcasting company and 3i is an Mauritius based investment company.
(Mauritius) Neo sports is owned by Zenith sport subsidary of Nimbus
Communication ltd. Neo Sports is owned by Zenith Sports, a
subsidiary of Nimbus Communications. At present, it owns the
broadcasting rights for a number of domestic and international
cricket tournaments in India till March 2010. OIF is also a
stakeholder in Nimbus Communications.
Apr-09 Outdoor Hype Integracomm Pvt Asawari n.a Hype Integracomm Ltd is a Mumbai based advertising
advertising Ltd (India) Publicity company. Asawari Publicity is a Pune based outdoor
advertising company.
Mar-09 Telecom Telenor International Unitech Rs 61.2 Telenor is a seventh largest GSM operator with operations in
(Norway) Wireless billion Asia, Europe and Scandinavia and 143 million subscribers
(67.25% (including Bangladesh and Pakistan). Unitech Wireless is the
stake) telecom subsidary of real estate company Unitech. The
transaction has been completed (it was initially announced in
October 2008).
Mar-09 Television Sony Picture Television Bangla 100% stake Channel 8 is the only Bengali language based movie channel
International (US) Entertainment in India
Pvt Ltd
Feb-09 Value added New Enterprise ValueFirst US$6 million NEA is a US based venture capital firm. ValueFirst is a
Services Associates (US) Messaging Gurgaon based VAS company.
Feb-09 Mobile media Astro Group (Malaysia) Mogae Digital US$5million Malaysia based Astro Group operates Pay TV channels and
(50% stake) 12 radio station. In India it has interests in DTH, radio and
telecoms. Mogae Digital is a mobile media company; the funds
will be primarily used for launching networking sites, games
and comics for mobile phones.
Feb-09 Directory Helion Venture Partners Getit Rs200million Getit is an yellow pages and dirctory service provider. Helion
publishing (India) Infoservices Venture partners is India-based venture capital company.
Ltd
Feb-09 Television Indi Media Company Pvt INX News Rs500million Indi Media is a venture between Vinay Chhajlani (CEO, Nai
Ltd (India) Duniaya) and Jehangir S. Pocha. INX News is an English
language based news channel.
Feb-09 Production India Television (India) Studio n.a India TV is a Hindi language based news channel promoted by
Brahma Rajat Sharma. Studio Brahma is an IT solutions company
providing 3D animation, multimedia, graphic designs and
website development.
© Heernet Ventures Limited. All Rights Reserved

7. India Media Monitor
Data
Radio audience share analysis
Audience share data from Week 17 (2009)
Mumbai Delhi
Channel Broadcaster % share Channel Broadcaster % share
Fever FM HT Music 16.9% Radio Mirchi ENIL 24.8%
Red Fm Sun TV, NDTV, Value Labs 15.8% Fever FM HT Music 17.0%
Radio Mirchi ENIL 15.0% AIR FM Gold All India Radio 15.5%
Big FM Adlabs Radio 12.0% Radio City Music Broadcast Private Ltd 10.0%
Radio City Music Broadcast Private Ltd 11.2% Red Fm Sun TV, NDTV, Value Labs 8.5%
AIR FM Gold All India Radio 10.3% Big FM Adlabs Radio 6.0%
Radio One Mid-Day Multimedia 6.5% Radio One Mid-Day Multimedia 5.9%
AIR FM Rainbow All India Radio 4.6% Meow FM Radio Today Broadcasting Ltd 3.9%
Akashvani All India Radio 3.0% Hit FM Clear Media 3.1%
Vividh Bharti All India Radio 2.4% AIR FM Rainbow All India Radio 2.8%
Meow FM Radio Today Broadcasting Ltd 2.3% Vividh Bharti All India Radio 2.2%
Akashvani All India Radio 0.3%
Bengaluru Kolkata
Channel Broadcaster % share Channel Broadcaster % share
Big FM Adlabs Radio 18.6% Radio Mirchi ENIL 17.40%
Fever FM HT Music 16.9% Big FM Adlabs Radio 16.60%
Radio Mirchi ENIL 16.6% Friends FM Ananda offset 13.60%
AIR FM Gold All India Radio 12.8% Amaar FM Hitz fm 9.70%
Radio One Mid-Day Multimedia 10.7% Red Fm Sun TV, NDTV, Value Labs 8.40%
Radio City Music Broadcast Private Ltd 9.9% Radio One Mid-Day Multimedia 8.00%
S FM Udaya TV 6.9% Fever FM HT Music 7.40%
Vividh Bharti All India Radio 3.5% Meow FM Radio Today Broadcasting Ltd 5.60%
Radio Indigo India Radio Ventures 1.9% AIR FM Rainbow All India Radio 4.20%
Gyan Vani All India Radio 1.3% AIR FM Gold All India Radio 4%
Akashvani All India Radio 0.8% Akashvani All India Radio 2.40%
Power FM India fm 1.60%
Vividh Bharti All India Radio 1.10%
Source: Radio Audience Measurement
© Heernet Ventures Limited. All Rights Reserved

8. India Media Monitor
Data
Newspaper IRS R1
Indian Readership Survey (IRS) Round 1 (R1) for 2009
Hindi language titles English language titles
Publications Readership (000s) Publications Readership (000s)
Dainik Jagran 54,583 The Times Of India 13,347
Dainik Bhaskar 33,550 Hindustan Times 6,341
Amar Ujala 28,674 The Hindu 5,373
Hindustan 26,769 The Telegraph 2,818
Rajasthan Patrika 14,051 Deccan Chronical 2,768
Punjab Kesari 10,645 The Economic Times 1,917
Midday 1,583
Aj 5,905
The New Indian Express 1,566
Navbharat Times 5,402
Mumbai Mirror 1,557
Prabhat Khabar 4,671
DNA 1,489
Navabharat (Mah/ Chh) 4,477
© Heernet Ventures Limited. All Rights Reserved

9. India Media Monitor
Published by:
Heernet ventures limited
London UK, Gurgaon India
Tel: +44 (0) 208 180 7223
Fax: +44 (0) 870 762 3014
Web: heernet.com, G2Mi.com
© Heernet ventures limited 2009. All Rights Reserved.
All corporate logos, images and brands are copyright of the respective companies.
TERMS & CONDITIONS OF USE
Every attempt has been made to ensure that the information in this report is correct at the time of publication. Heernet ventures
limited and its directors do not accept any liability for any errors or omissions within this report. Unless specified, the views
expressed in this report are purely those of the author. The content of this report does not in anyway constitute investment advice
or investment recommendations. Heernet ventures limited does not provide investment advice or investment advisory services
and is not regulated by the Financial Services Authority (FSA) in the UK or any other financial services regulator in any other
country. The content of this report can not be reproduced without the written permission of the author. This copy must not be
circulated in either electronic or print format outside of the purchasing organisation.
© Heernet Ventures Limited. All Rights Reserved