Monday, November 29, 1999

Rel Cap to buy 18% stake in Bloomberg UTV

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Reliance Capital Ltd (RCL) has agreed today that the company would acquire an 18 per cent stake in Bloomberg UTV, India's fastest growing business news channel, a top company official said. "The investment will form part of RCL'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 the TV Today network, which operates the popular Aaj Tak and Headlines Today news channels," he said.When asked about the details of this acquisition as well as further moves on this venture to get more stakes in the future, a spokesperson of the company declined to comment on the issue. But sources close to the development said, "The company has more interest in the media sector than any other sectors on acquisition front. As this segment is in growing path, the company would be definitely looking for more pie in Bloomberg UTV in future."Bloomberg UTV is a strategic partnership between Bloomberg LP, 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 presently underway, Bloomberg will own 15 per cent of the company, and the balance 67 per cent is controlled by the UTV founders.The Bloomberg UTV was formed in October 2009 and its partnership has emerged as a serious contender in the English business news space within the few months time. "We are redefining the genre by presenting business news in a refreshingly different and clear perspective," he said, adding, "Bloomberg UTV is witnessing a dramatic rise in popularity, currently occupying the clear number two 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.

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