Faced with economic downturn, the Ethnic Media Group (EMG) has sold its flagship publication, Eastern Eye, a leading British-Asian weekly catering to readers from the Indian sub-continent, to a prominent publisher and journalist of Indian-origin, Ramniklal Solanki.
The group has also put on sale New Nation, a publication for the Afro-Caribbean readership, which allegedly dragged the group down due to plunging advertising revenue and falling circulation.
Founded in 1989, Eastern Eye reported on the problems and successes of the Asian community and also celebrated successful Asians in Asian Business Awards, a popular event in London's social and business circuit.
The weekly has now been bought by the Asian Media & Marketing Group, founded by Ramniklal Solanki, a senior Gujarati journalist and also its editor-in-chief, for an undisclosed amount.
"Now that we no longer have to subsidise New Nation, I hope that 'Eastern Eye' may at long last have the resources to realise its full potential", Haman Varma, editor of Eastern Eye told PTI.
The Asian Media & Marketing Group publishes Garavi Gujarat, GG2 Life' magazine, Asian Trader and other publications. Staff of Eastern Eye was informed of the sale by its management on Wednesday.
Solanki, 75, hails from Surat and arrived in Britain in the 1950s as a correspondent for Gujarati newspapers. Queen Elizabeth with a Commander of the Order of the British Empire (CBE) award honored him for his work.
He has since founded and expanded a media group that has a range of titles in Gujarati and English.