Joint venture between Harper Collins and Living Media ends
December 05, 2012
Source: MM Network
Harper Collins India (HCI) has ended its 10 year joint venture with Living Media India (LMI). HarperCollins India (HCI) has now become a wholly-owned subsidiary of HarperCollins Worldwide with effect from 30 November.
The company said in a statement that this move marks a commitment by the company to expand into the Indian market, as well as to making Indian writing talent more accessible to worldwide audiences and to bringing the wider HarperCollins US lists to India.
Brian Murray, president and CEO, HarperCollins Publishers Worldwide, says, "While we have enjoyed a successful joint venture relationship with Living Media India, we are very pleased to take full ownership of HarperCollins India."That's because the country is the second-largest English speaking country in the world and clearly offers happy prospects of growth.
Aroon Purie, chairman, India Today Group, says,"Our relationship with HarperCollins has been a mutually rewarding one. We leveraged strengths of both the groups to create a strong organisation which, I believe, is well positioned to attain greater heights."
HCI is one of the foremost English-language publishers in India and also a renowned publisher in Hindi. It operated as a joint venture between HarperCollins and Living Media India since 2003.