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Anil’s Rel Cap snaps up 18% in Bloomberg UTV

Anil’s Rel Cap snaps up 18% in Bloomberg UTV
PTI
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First Published: Wed, Jun 16 2010. 07 55 PM IST
Updated: Wed, Jun 16 2010. 07 55 PM IST
New Delhi: Anil Ambani Group firm Reliance Capital on Wednesday said it will acquire an 18% interest in business news channel Bloomberg UTV for an undisclosed amount.
“The investment will form part of Reliance Capital’s exposure to the fast growing and high potential media sector,” the ADAG firm said in a statement.
When contacted UTV officials declined to comment on the deal value.
Reliance Capital has also investment in the Network18 Group (which operates CNBC, CNN-IBN, IBN7, Colors and Awaaz channels) and TV Today Network that operates the popular Aaj Tak and Headlines Today channels.
According to industry sources, Reliance Capital holds a 15% stake in the Hindi news channel Aaj Tak.
Bloomberg UTV is a strategic partnership between Bloomberg, which is a global leader in business information and the founders of UTV promoted by Ronnie Screwvala. The JV was formed in October 2009.
Upon completion of the deal, RelCap will be the second largest shareholder in the Bloomberg UTV channel after UTV founders’ 67% stake. Bloomberg will have 15% equity in the channel.
Shares of Reliance Capital today closed at Rs757.55, higher by 2.82% on the Bombay Stock Exchange.
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First Published: Wed, Jun 16 2010. 07 55 PM IST