Monday, March 12, 2007

British media mogul Roger Parry to launch India-dedicated media fund

Roger Parry, the media executive who tried to mount a bid for British television broadcaster ITV last year, is planning to launch a fund to invest in India’s media and entertainment sectors. The fund, to be called the India Media Fund, is expected to announce plans for a $150 mn-$200 mn fundraising on the London Stock Exchange AIM in this week, having already identified 14 possible investments ranging from television channels to newspapers.

Mr. Parry, the chairman of Johnston Press and Future, the magazine group, will chair the company, whose investments will be managed by two founders, Andrew Carnegie and Ronnie Screwvala. India Media Fund is advised by investment bank Dresdner Kleinwort. Mr. Carnegie, a former SG Warburg investment banker, is a veteran of Rupert Murdoch’s News Corporation. Mr. Screwvala is the chairman of UTV, the Mumbai-based film and TV production company. Both executives will sit on the boards of each company in which the fund invests.

Read the blog entry on FT

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