India Abroad weekly newspaper sold to Silicon Valley company
India Abroad, the oldest continuously published Indian-American newspaper, has been sold by Rediff to 8K Miles Media, a company that publishes a Tamil magazine in Silicon Valley and runs a multilingual radio service, according to an editor’s note in the newspaper.
Without any details of the transaction, the unsigned farewell note from the Rediff management’s editors in the latest issue said tersely, “Rediff.com hands over the torch to 8K Miles Media”. Nikhil Lakshman was the Editor-in-Chief and Aziz Haniffa the Editor.
Sunil Adam, the former Editor of News India Times weekly newspaper in New York City, who had worked at India Abroad before Rediff bought it, will edit India Abroad under 8K Miles Media management.
No public filings about the transaction with regulators or markets could be found.
Shares of Rediff, whose board chairman is Ajit Balakrishnan, closed down nearly 8 cents to 15 cents a share on the Over The Counter (OTC) Market in New York on Friday, the day when the sale became public. After some fluctuations, it closed on Wednesday at 17 cents. Rediff is described as an e-commerce and digital news and information company. Read more…