The deal will include the de-merger of the investment arm of MML, which holds investments in Mid-Day Infomedia that comprises the Mid-Day tabloid newspaper.

As per the deal, the MML shareholder will receive two shares of JPL for every seven shares held.

There will be no change in the top management as Tariq Ansari, managing director Mid-Day Multimedia and Manajit Ghoshal, chief executive officer, Mid-Day Infomedia will continue to run the company.

Mid-Day Multimedia will continue to carry on with the radio business (Radio One) through its subsidiary Radio Mid-Day West India.