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The impact of economic slowdown is growing wider as more and more print & publishing companies trying to get the investor to sell their stakes. After New York Times which take a loan of $250 mn by Mexican telecommunications billionaire Carlos Slim Helu and now The Ethnic Media Group (EMG), has sold its British-Asian Weekly 'Eastern Eye', a leading British-Asian weekly catering to readers from the Indian sub-continent, to Indian-origin, Ramniklal Solanki. He is a founder of Asian Media & Marketing Group which publishes 'Garavi Gujarat', 'GG2 Life' magazine, 'Asian Trader' and other publications.

'Eastern Eye' a tabloid published from 1989 basically reported on the problems and successes of the Asian community. The weekly has now been bought by the Asian Media & Marketing Group, founded by Ramniklal Solanki, a senior Gujarati journalist and also its editor-in-chief, for an undisclosed amount.

The company has also put on sale 'New Nation', a publication for the Afro-Caribbean readership, which allegedly dragged the group down due to plunging advertising revenue and falling circulation.