Bloomberg and Busi­ness Broad­cast News part ways

The Pak Banker - - COMPANIES/BOSS -

Busi­ness Broad­cast News Pvt. Ltd and Bloomberg Lp said on Fri­day that they wouldn't ex­tend their me­dia li­cens­ing agree­ment, un­der which Bloomberg TV is aired in In­dia, be­yond 31 March, end­ing a seven-year-old part­ner­ship.

"Both par­ties have mu­tu­ally agreed to al­low the li­cens­ing agree­ment to lapse, and to pur­sue their re­spec­tive new busi­ness strate­gies," the com­pa­nies said in a joint state­ment. Busi­ness Broad­cast News, the hold­ing com­pany of the chan­nel, has been op­er­at­ing Bloomberg TV in In­dia for seven years. Re­liance Cap­i­tal Ltd and en­tre­pre­neur Ron­nie Screw­vala, among oth­ers, are share­hold­ers in Busi­ness Broad­cast News.

The state­ment said Busi­ness Broad­cast News will con­tinue to op­er­ate the busi­ness news chan­nel un­der a fresh brand­ing ef­fec­tive 1 April, sub­ject to reg­u­la­tory ap­proval. Bloomberg will an­nounce a new me­dia part­ner in due course. Tarun Ka­tial, di­rec­tor, Busi­ness Broad­cast News, said the com­pany was ex­plor­ing var­i­ous op­tions for con­tent feed part­ners as well as brand­ing for its chan­nel. "The work will be com­plete within eight weeks," he said.

Bloomberg Tele­vi­sion In­dia reaches 30 mil­lion house­holds in In­dia. "Our strate­gic part­ner­ship with Re­liance Group and Ron­nie Screw­vala en­abled us to suc­cess­fully reach mil­lions of view­ers in In­dia, and de­liver mar­ket-mov­ing busi- ness and fi­nan­cial news on In­dia's growth and de­vel­op­ment," said Parry Ravin­dranathan, man­ag­ing di­rec­tor, In­ter­na­tional, Bloomberg Me­dia Group. "To­gether, we set new stan­dards in fi­nan­cial broad­cast jour­nal­ism, and we will con­tinue to value our re­la­tion­ship with both part­ners. In the com­ing weeks, we will un­veil a new chap­ter for Bloomberg Me­dia in In­dia as we re­main more com­mit­ted than ever to ex­pand­ing our me­dia op­er­a­tions this year both in broad­cast, dig­i­tal and other plat­forms."

Ka­tial said the chan­nel had cre­ated a bench­mark for cred­i­ble busi­ness news re­port­ing with ex­pe­ri­enced an­chors and mar­quee shows. Bloomberg TV in In­dia faces stiff com­pe­ti­tion from other busi­ness news chan­nels such as CNBC-TV18 from Net­work18 Me­dia and In­vest­ments Ltd, con­trolled by bil­lion­aire Mukesh Am­bani; ET NOW, which is part of Times Net­work; and NDTV Profit, run by NDTV Ltd. Ac­cord­ing to the me­dia prac­tice head at a con­sult­ing firm, while there may be room for a busi­ness chan­nel with niche, in­ter­na­tional con­tent, an­other In­dian busi­ness news chan­nel may find it hard to com­pete. The per­son de­clined to be named.

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