Bloomberg and Raghav Bahl’s The Quint have signed a joint venture agreement to launch a co-branded television news channel and website, reports the Mint. The companies will invest Rs 100 crore in the venture, with 74% of the stake held by Raghav Bahl and 26% by Bloomberg. The agreement will last for 10 years.
Neither agency confirmed the deal, but did hint at a partnership via Twitter:
— The Quint (@TheQuint) March 28, 2016
According to the report the website is expected to go live in the next three months, while the news channel will start after acquiring an uplinking license from the ministry of Information and Broadcasting. Both the mediums will be labelled as Bloomberg-Quint., and will compete with the likes of Network 18, ET NOW, NDTV Profit etc.
Bloomberg, Reliance partnership: Note that in January this year, Bloomberg said it would terminate its agreement with Business Broadcast News, the news broadcast arm of Anil Ambani’s Reliance ADA Group, from the 31st of March. At the time, Bloomberg said it would soon unveil plans for a future TV channel in India.
Quint’s TV ventures: In June last year, The Quint had partnered with Da Vinci Media to launch a Da Vinci Learning TV channel in India. The partnership was a 50:50 joint venture with the TV channel’s main focus being on family educational content. Note that The Quint had gone live in March the same year, after having started publishing stories on Facebook as a preview to the new service in January.
– Earlier this month, Zee Media Corporation Limited announced that it would launching a television news channel called WION (World is One News) in the summer.
– Last month, Zee Media acquired 80% majority stake in two of India Today Group companies, Today Merchandise and Today Retail Network. The companies in process of being acquired are working on creating a retail TV channel and and an ecommerce website to complement the network.
– In October last year, the Times Group launched MagicBricks Now, a real estate and property channel named after its online real estate portal MagicBricks. The channel would be multilingual, and is expected to break even in 4-5 years.