Rival media giants Hindustan Times and The Times of India have signed an agreement to jointly publish a new newspaper in New Delhi.

Setting asid their decades-old traditional business rivalry, the two media groups, HT Media, publishers of Hindustan Times and Bennett Coleman and Company, the publishers of The Times of India have announced signing an agreement to float a 50:50 joint venture, which will own the new publication.

The joint venture will function as a standalone business and has been established to "publish a new and vibrant newspaper in Delhi, reflecting the changing needs of the reader and the emergence of Delhi as an International city".

Says Shobhana Bhartia, vice chairperson, HT Media, "We are pleased to collaborate with BCCL on this value creating opportunity which reflects our commitment to delivering Highly relevant editorial content. We believe that the new paper will give advertisers an opportunity to engage the reader on an unprecedented level."

The joint venture will draw strength from the competencies of both media groups allowing them to work together "to efficiently grow an exciting and nascent market".

''We are happy to be joining hands with HT Media and using our synergies to further develop the English newspaper readership base, saysVineet Jain, managing director, Bennett, Coleman & Co Ltd. "This JV is part of our commitment to best serve the new aspirations and mindsets of readers and provide the best possible value to advertisers.''

HT Media's flagship Hindustan Times, which was inaugurated by Mahatma Gandhi in 1924, launched its second edition by entering The Times of India's turf in Mumbai.

The move came several years after the Mumbai-based The Times of India invaded the Hindustan Times' traditional bastion by launching a New Delhi edition.

The Times of India, ever since its inception in 1838 as The Bombay Times and Journal of Commerce, has for decades guarded its dominance among English language newspapers.

Apart from its flagship Hindustan Times, HT Media also publishes the Hindi daily Hindustan and will shortly launch a FM radio stations and a daily business newspaper.It recently announced a content partnership with the The Wall Street Journal (The WSJ) through which it will publish WSJ branded news in its proposed business paper.

Bennet Coleman and Company, the publishers of The Times of India, The Economic Times, Maharshtra Times, Navbharat Times is the largest media house with interests apart from print, in magazine, radio, internet and television brands music, filmed entertainment, events, out of home advertising, and multimedia.