Cochin: Kerala based Mangalam Group of Publications, which publishes 10 titles, plans to foray into the electronic media space. The group plans to launch a news and entertainment channel by August 2016, Before this Onam season.
The first channel by the group will be called Mangalam and will be a Malayalam Entertainment Channel. According to a senior company official, the publishing division, which has an annual turnover of Rs 60 crore, will start the channel with an initial investment of Rs 50 crore.
“The total revenue generated by Kerala is worth Rs 1000 crore and since it is a consumer driven society, we hope to break even within one year of our operations.
The Mangalam Group of Publications owns Mangalam Weekly, Mangala Weekly (Kannada), Kanyaka women’s magazine, Balamangalam children’s fortnightly, Balamangala children’s fortnightly (Kannada), Kalicheppu children’s magazine, Gilivindu children’s magazine (Kannada), Balamangalam Chithra Katha, Cinema Mangalam Weekly and Mangalam daily.
The group plans to invest 51 per cent equity in the electronic media venture, while the remaining 49 per cent will be offloaded to a yet-to-be-disclosed investor. Later, the company also plans to launch a full-fledged news channel.
For the record, the flagship company of the group, Mangalam Publications, was started in 1969 as a monthly journal, which turned to a fortnightly and later became a weekly. The group also owns Mangalam Hospitals, Mangalam Confectionery, Mangalam Homes and Resorts and The Mangalam Foundation, apart from the publishing division.
Mr. R Ajith kumar, CEO of Mangalam TV is sphere heading the launch of the channel and the programming line-up that will have a mix of Entertainment, News and Infotainment content.