India Today Group has ceased the publication of its compact daily Mail Today from August 10, 2020. The newspaper was launched in partnership with Daily Mail of the United Kingdom in 2007.
In 2014, Mail Today became a wholly owned subsidiary of TV Today Network.
âThe Board of Directors of TV Today approved to suspend print publication of English Daily Newspaper âMail Todayâ with effect from August 10, 2020, for now, given the viability of print media in the current situation. The content shall continue to be published in a digital format,â the company said in a statutory filing.
TV Today earned a little over Rs 2 crore in revenues from its newspaper business during the first quarter of FY21. For the year ending March 31, 2020, the overall revenue from the newspaper business was Rs 28.86 crore.
While Mail Today incurred a loss of Rs 2.22 crore in the latest quarter, it earned a profit of 37 lakh in FY20.
The newspaper business contributed with total revenue of Rs 29.35 crore in FY19 but recorded a loss of Rs 2.53 crore.
For the year ending March 31, 2018, the newspaper business reported a loss of Rs 8.55 crore over the revenue of Rs 30.45 crore. After the FY18 loss, the newspaper ran on desk staff for the last two years to control the losses.
The company said the newspaper "Mail Today" comprises insignificant portion of business of the company (Mail Today newspaper in the physical mode contributed less than 2% to the total revenue of the company during the quarter ending June 30, 2020) and therefore its suspension will not have any material impact on the overall business.
The number of affected Mail Today employees due the discontinuing of operations was not available at the time of filing of this report. However, 35-40 editorial staff were said to have been affected.