So what's happening with Indian media?

First we had the rash of IPO's from Deccan Chronicle, HT Media, Jagran Prakashan, Cyber Media and even the reticent Sun TV. And now we have the stratospheric valuations for all of these... In between all this, the biggest media daddy of them all, the Bennett Coleman Group, has been busy DIVESTING, or hedging it's investment in Radio through an IPO, while busily investing like a portfolio investor in everything but media. The last one was Air Deccan, and before that, they have been in textile comoanies, IT companies, fashion, retail and god knows what else. While remaining privately held of course.

So do they know something that investors don't? I think investors shd note this at least.

A key factor, based on my own experience would be the ability of media companies to straddle, and manage well, the various delivery models. So to expect a good TV guy to do well in print, as well as Radio and internet, which investors seem to be betting on, is a bit dicey. So go ahead in invest in pure play guys like Radio Mirchi, Jagran Prakashan, but watch out when the excess valuation is built on 'natural' expansions into outdoor, TV, print or whatever they don't do right now.