Bloomberg In Talks To Acquire Stake in India's Biz TV Channel UTVi
This story was written by Sruthijith KK.
UTVi, the Indian business news channel part of the media conglom UTV, is in advanced talks with Bloomberg LP for a strategic partnership, according to a person familiar with the talks. A decision will likely be taken by Bloomberg's top management this week, the person said.
The deal, being driven out of Bloomberg's Asia offices, is now being pitched to its New York headquarters, as soon as this week, and involves the following: Bloomberg will get a 10 percent stake in UTV News Ltd, UTVi will get Bloomberg content and also will become a co-branded channel. Bloomberg will also get a license fee but the payments will be staggered over a multi-year period. Bloomberg also wants a share of the channel's revenues, the person said.
Launched in 2008, UTVi is at the bottom of the ratings chart for business news channels in India, trailing CNBC TV18 and NDTV Profit. The channel has a content tie up with ABC News. However, the channel, which used to have regular slots for ABC News content, has virtually stopped using it, even though no announcement has been made ending the partnership.
UTV and Bloomberg did not respond to a request for comment.
By Sruthijith KK