Elder brother Samir Jain will handle print and Vineet Jain will take control of broadcast, radio and entertainment business.
The long standing dispute between the brothers Samir and Vineet Jain has finally reached a settlement with the decision to split Times Group.
According to media reports, the elder brother Samir Jain, will handle the print business, including digital assets aligned with print operations. Meanwhile, Vineet Jain, will take control of the the broadcast, radio and entertainment businesses along with associated digital assets. He will also retain ET Money and the OTT platform MX player.
A report in Financial Express mentions that Vineet is also expected to receive a cash payout of around Rs 3,000 crore, since The Times Group’s print business is bigger in terms of revenue versus other divisions.
The assets of Times Internet, its internet technology company, and the real estate holdings will be equitably distributed between the two parties.
The brothers have also signed a memorandum of understanding (MoU) to kickstart the separation process with law firm Cyril Amarchand Mangaldas managing the legal technicalities.
There were reports of a likely split for the past few months. RPG Group Chairman Harsh Goenka tweeted on Friday announcing about the settlement. However, the tweet was deleted later.
