Raghav Bahl's company, Quintillion Media Pvt. Ltd that runs news website thequint.com, has got in to a joint venture agreement with New York-based Bloomberg LP to launch a co-branded television news channel and website, reported Live Mint.
The business information and media company, Bloomberg, owned by billionaire Michael Bloomberg with Raghav Bahl, will together invest Rs.100 crore in the venture. With Bahl owning a 74% stake and Bloomberg the remaining 26%. The agreement will remain effective for a 10-year period.
“The term sheets have been signed; the final deal will be closed later this week,” said Live Mint report, quoting the source. “The initial investment of Rs.100 crore should be enough for a successful launch but in case more capital is required we will do the needful.”
The launch of the Bloomberg-Quint TV channel and a website of the same name will be announced officially later this month in the presence of top management from the Bloomberg Media Group in Mumbai.
Bloomberg declined to comment on the development as per the Mint report.
This will be Bahl’s return to the electronic media after a hiatus, he had left Reliance Industries Ltd in May 2014 after it took complete control of his Network 18 Media and Investments Ltd by converting its debt in the media group to equity. Quintillion Media doesn’t have a non-compete agreement with Network18 Media.
Bloomberg had entered India in 2008 as UTVi, a joint venture with UTV Software, then owned by Ronnie Screwvala. The channel was rebranded Bloomberg UTV in 2009. In 2012, UTV exited from the venture to be replaced by Reliance ADAG, and was renamed Bloomberg TV India. Bloomberg ended its licensing agreement with Business Broadcast News Pvt. Ltd, a part of Anil Ambani-led Reliance Group after seven years, this January only. Broadcast News and Bloomberg said that they would not extend their media licensing agreement, under which Bloomberg TV was being aired in India, beyond 31 March, ending a seven-year-old partnership, adds the report. Bloomberg Television India reaches 30 million households in the country.
Bahl’s Quintillion Media was launched in January last year; the news website focused on mobile devices and went live in March. TheQuint.com currently employs about 150 people across the editorial, technology and management functions.
