"The New York Times Company has proposed and is in discussion to acquire a 5 per cent equity stake in Sieger Solutions Ltd, a 100 per cent subsidiary of Deccan Chronicle Holdings," the company said in a filing to the BSE.
The five per cent stake acquisition would be subject to statutory approvals and respective board approvals, the company added.
Earlier, Deccan Chronicle was reported to be in the lookout for selling 5 to 8 per cent in Sieger Solutions, the owner of the Deccan Chargers IPL team to a strategic investor.
Further, the company said its business paper the Financial Chronicle would now be in association with the International Herald Tribune, which is published by the New York Times Company.
Besides, the Financial Chronicle will also carry a daily special Four-page global news section from the International Herald Tribune.
At present, Financial Chronicle is published from Hyderabad, Chennai and Bangalore.
