Software firm Geodesic Information Systems Limited will acquire 94% in children’s magazine publisher Chandamama India Limited for Rs. 10.02 crores. The cash component of the cash-cum-stock deal would amount to Rs. 1.6 crores. Geodesic is planning a makeover of the 60-year old magazine whereby the content would also be available on the Internet and mobile media.
Geodesic provides content over its universal instant messaging system, which is available on desktops, mobile devices and also over Internet radio. Chandamama, with a monthly circulation of around 200,000 copies, will continue to have its own identity. There have been reports in the past of Walt Disney planning to acquire a stake in Chandamama. Geodesic expects to complete the acquisition by March-end, and the consolidation of the accounts will commence from April 1, 2007.
Read more in the article on Reuters.com.
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