Raghav Bahl, founder of Network 18 and Quintillion Media, on Tuesday announced the formation of BloombergQuint, a partnership in the broadcast, digital and live events space with Bloomberg Media.
The partnership will offer business and financial news in the world’s fastest-growing major economy.
Under the new agreement that commenced 1 April, BloombergQuint will harness the global resources of Bloomberg with Quintillion Media’s market experience to create a revamped business news channel and digital destination for India’s growing business news audience.
Both the companies are estimated to have invested around Rs100 crore together in this venture, in which Bahl will own a 74% stake and Bloomberg the remaining 26%, according to a report published by Mint on 3 March, which cited a person close to the development. This is the first time globally that Bloomberg has entered a media venture with an equity stake.
“At Bloomberg, we’ve set out to build the leading multi-platform global business and financial media company. Currently, almost half of our digital traffic comes from outside the United States and this figure continues to grow. Partnering with Quintillion Media in India is a game-changer for the country’s digital and broadcast media industries, and for Bloomberg Media globally as we take our investment to an exciting new phase,” said Justin B. Smith, chief executive officer of Bloomberg Media.
“It was clear when we met with Raghav that we shared a common vision to create India’s premier digitally-led multi-platform business media company,” he added.
BloombergQuint plans to launch a new business channel, localized website and live events business in 2016, focusing on high-quality, market-moving digital business news content for India’s business and financial professionals, said a statement from the company.
“The combination of Bloomberg Media with Quintillion Media is a powerful one,” said Bahl. “It will bring a completely new brand of journalism and media experience to India’s increasingly sophisticated business consumer. We will deliver content via technology in a digital-first model that will redefine this space.”
The company has hired former CNBC-TV18 CEO Anil Uniyal and former CNBC-TV18 executive editor Menaka Doshi to serve as BloombergQuint’s CEO and managing editor, respectively. Harsha Subramaniam, the Bloomberg executive producer who has been looking after Bloomberg TV India for the past five years, will be overseeing the partnership for Bloomberg across platforms.
Bloomberg Media is the consumer-facing media organization of Bloomberg Lp, which draws on the editorial resources of 2,400 journalists in more than 150 bureaus in 73 countries. Bahl founded and scaled Network 18, India’s leading media group, which was acquired in 2014 by Reliance Industries Ltd. Along with his wife, Ritu Kapur (CEO), he co-founded Quintillion Media in 2014, a digital media company.