Reliance Capital announced on Wednesday that it had agreed to acquire 18 per cent stake in Bloomberg UTV, a business news channel, for an undisclosed amount.
Potential sector
The investment will form part of Reliance Capital's exposure to the fast growing and high potential media sector, including inter alia its existing investments in the Network 18 group (which operates the leading CNBC, CNN-IBN, IBN 7, Colors and Awaaz channels), and TV Today network (which operates the popular Aaj Tak and Headlines Today news channels).
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Bloomberg UTV is a strategic partnership between Bloomberg L.P., the global leader in business information, and the founders of UTV, one of India's leading integrated media and entertainment enterprises.
“Upon receipt of necessary approvals now underway, Bloomberg will own 15 per cent of the company, and the balance 67 per cent is controlled by the UTV founders,” Reliance Capital stated in a release here.
“Formed in October 2009, the Bloomberg UTV partnership has within months emerged as a serious contender in the English business news space, and is redefining the genre by presenting business news in a refreshingly different and clear perspective,” it added.
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“Bloomberg UTV is witnessing a dramatic rise in popularity, currently occupying the clear No 2. position in its category in India's top 8 metros.
“Bloomberg UTV enjoys the unique benefits of local news gathering, production and distribution expertise, combined with world-class financial news capabilities and global reach,” the release said.