Founders of MaXposure Media Group have bought back stake from Gruner + Jahr, the publishing division of European media conglomerate Bertelsmann, for an estimated Rs 40 crore to become sole owner of the company.
The Johari Family, which started MaXposure in 2006, sold 78.75 per cent stake to Gruner + Jahr in 2011. The remaining 21.25 per cent were held by MaXposure's co-founder Prakash Johari.
"The Johari Family has bought back the business of MaXposure Media Group from Gruner + Jahr (the publishing division of European media conglomerate Bertelsmann) for an undisclosed amount," the company said in a statement.
Sources said the deal is worth 5.25 million euros (approx. Rs 40 crore).
Post the acquisition, MaXposure Media Group will solely be owned by the Johari family.
With this transaction, Gruner+Jahr has exited from the Indian market. The company had earlier this week announced exit from its Indian digital media unit Networkplay. Gurgaon-based SVG Media acquired Networkplay.
MaXposure MD and CEO Prakash Johari said: "It's interesting that we got this opportunity to get back in the exciting media space with controlling interest at MaXposure. We learnt and grew significantly over the last three years under the guidance of Gruner + Jahr."
On future plans, he said: "We plan to realign the company's vision for the next three years under the new majority leadership and continue to expand our leading position in the corporate publishing space in India and enter foreign markets."
MaXposure publishes over 30 magazines in the corporate and consumer space.