Bloomberg LP, which entered India in 2008, will be terminating its agreement with Business Broadcast News (the news broadcast arm of Anil Ambani’s Reliance ADA Group) from March 31. Employees of the company were told this at a recent meet, addressed by executive editor Siddharth Zarabi.
The two parties have mutually agreed to allow the licensing agreement to lapse and to pursue their respective new business strategies.
Business Broadcast News Pvt Ltd (BBNPL) will continue to operate the TV channel, with fresh branding to be unveiled separately, effective April 1, subject to regulatory approval. Bloomberg will announce a new media partner in due course.
This will be the fourth avatar of the channel since its launch in India. When Bloomberg entered India in 2008, it was in the form of UTVi, a joint venture (JV) between the US-based media outlet and UTV Software, then owned by Ronnie Screwvala. The channel was rebranded Bloomberg UTV in 2009. In 2012, UTV exited from the JV, to be replaced by Reliance ADAG and was renamed Bloomberg TV India.
“Our strategic partnership with Reliance Group and Ronnie Screwvala enabled us to successfully reach millions of viewers in India, and deliver market-moving business and financial news on India’s growth and development,” said Parry Ravindranathan, managing director–international for 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 in broadcast, digital and other platforms.”
Tarun Katial, Director, BBNPL, said: “In recent years, the channel has witnessed consistent increase in reach and viewership, and created a benchmark for credible business news reporting, with experienced anchors and marquee shows. We have had great learnings, drawing upon the global expertise and credibility of Bloomberg, and look forward to maintaining this strong relationship in the years ahead.”