HT, Times tie up for Delhi daily

The Hindustan Times and The Times of India, which once battled bitterly for supremacy in the Delhi newspaper market, have agreed to collaborate on a compact morning newspaper likely to hit the stands by early 2007.

The parent companies of the two newspapers have signed a memorandum of understanding to float an equally-owned joint venture that will bring out the new newspaper. To begin with, the compact paper, very similar in format to a tabloid, will be circulated in Delhi and the National Capital Region.

Christened Metropolitan Media, the joint venture will operate as a stand-alone company and receive printing, advertising, sales and marketing support from the two partner groups.

Samir Kapoor has been roped in as the president of the new company.

According to industry sources, the name of the compact newspaper is likely to be The Metropolis, but this could not be confirmed.

"Merely the MoU was signed today but we are yet to take a call on the exact content, marketing strategy, name and the price of the publication," said Siddhant Khosla, director - corporate affairs, Bennett, Coleman & Co Ltd, which publishes The Times of India.

When asked if the traditional rivals had buried the hatchet, Khosla said, "We believe the category can be addressed more effectively, with greater chances of success if the strengths of both the groups are put together.