Fishing for the News

It's a sign of the times that one of the hottest IPOs in India this year was that of a newspaper company. Shares in HT Media—which publishes Hindustan, a major Hindi daily, the Hindustan Times, an English-language newspaper, and two magazines—listed on the Bombay stock exchange on Sept. 1 after raising about $90 million through a public stock sale. The IPO marked the climax of an extraordinary year for the Indian newspaper industry, which has seen new editions launched, turf wars fought and sensational stories broken. All this exuberance is a heart-warming sight for newspaper publishers. In most countries, sales and...

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