Has anyone analysed the performance of Times’ investment wing?
Vijay Anand: Murali De, that investment is made against excess and unsold inventory, marked at a premium. They made a profit there itself when they booked revenues. There is a rule in investments – you can never go wrong where you bought in at a deal. That summarizes the times investment story.
Murali De: A sordid dimension of Indian media. Is this something happening in mature markets too?
Vijay Anand Its a factor of two things 1) Market Maturity and 2) Company Stage. Both of it is early in the case of times, which makes it a buyer’s market. In more mature markets we see such investments happen, but in that case it is clearly a strategic investment done by the media house, the price paid is also mostly in case, not in wares, and there is value beyond promises of ad credits shared.