he media industry is on a high. Thanks to the launch of new newspapers and TV channels, journalists and marketing people have seen their salaries sky rocket in the last two months. Media owners are also a happy lot. While business is booming, companies that are listed have seen their stock prices soar. During the last fortnight, NDTV, Cyber Media and Deccan Chronicle stocks have reached all-time highs.

One reason for this mood could be the go-ahead given by the central government to investment by a host of categories of overseas entities in this sector, while maintaining the cap at 26 per cent. These categories include "non-resident Indians, persons of Indian origin, overseas corporate bodies and portfolio investments, besides FDI, in print media."... more