London, January 22, 2009 (IANS)

Eastern Eye, a tabloid catering to the UK Asian market, has been sold to Britain’s oldest Indian-owned newspaper group. Asian Media and Marketing Group (AMG), which publishes Garavi Gujarat newspaper, GG2 Life Magazine, Asian Trader and several other titles, bought the tabloid for an undisclosed sum. Eastern Eye, which caters to the Indian, Pakistani, Sri Lankan and Bangladeshi communities was founded in 1989, and is best known today for its annual publication of the Asian Rich List - accompanied by a gala dinner that attracts some of Britain’s most powerful Asians.

AMG Managing Editor Kalpesh Solanki said: "We are delighted to buy this iconic brand. We are firmly committed to building and investing in Eastern Eye and its associated assets. We believe this acquisition will strengthen our reach into the Asian community and we look forward to growing this market leading title."

Eastern Eye Editor Hamant Verma paid rich tributes to AMG, which was established by veteran Gujarati journalist Ramniklal Solanki in 1968, when he began publishing Garavi Gujarat in the back garden of his home. "Like all good Asian families, the Solankis have saved during the good times, so they can gain a bargain like Eastern Eye in the bad economic times," Verma said.Eastern Eye and its sister title, New Nation, which caters to the African-Caribbean population in Britain, have seen falling sales and advertising revenues in recent months, according to reports.