Bloomberg said to be in talks with Raghav Bahl for joint venture1 min read . Updated: 26 Jan 2016, 01:19 AM IST
Deal estimated to be worth more than Rs100 crore, will include launch of co-branded TV channel and online portal
Days after exiting its licensing agreement with Business Broadcast News Pvt. Ltd, a part of Anil Ambani-led Reliance Group, for Bloomberg TV India, New York-based Bloomberg LP is in talks with Raghav Bahl, founder of Quintillion Media Pvt. Ltd that operates online news portal thequint.com, for a joint venture, according to a person close to the development.
“This will be a long-term partnership. Both parties are financially strong and Bloomberg is coming in with equity. Bloomberg has been an underleveraged brand in the country so far. With the Indian market set for an upswing, this is a lucrative opportunity for both," said the person who declined to be named.
The deal is estimated to be worth in excess of ₹ 100 crore and will include the launch of co-branded television channel BloombergQuint and an online portal of the same name. The website, focused on business news, is likely to go live over the next few weeks, added the person cited above.
Parry Ravindranathan, managing director, International, Bloomberg Media Group, could not be immediately reached for a comment.
On Friday, Business Broadcast News and Bloomberg said that they would not extend their media licensing agreement, under which Bloomberg TV is aired in India, beyond 31 March, ending a seven-year-old partnership.
Bahl’s Quintillion Media was launched in January last year while the news website focused on mobile devices went live in March. On 29 May 2014, Reliance Industries Ltd took complete control of Network18 Media and Investment Ltd, the company founded by Bahl in 1993. Bahl walked out of the company, with a deal that is believed to have left him richer by ₹ 700 crore.
Quintillion Media doesn’t have a non-compete agreement with Network18 Media, according to the person cited above.