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Bloomberg, Business Broadcast News end media licensing agreement
MUMBAI: Bloomberg LP and Business Broadcast News have decided not to renew their media licensing agreement after the end of the contract period on 31 March 2016. Both parties have mutually agreed to allow the licensing agreement to lapse, and to pursue their respective new business strategies.
The media licensing agreement between the companies had lasted for seven successful years, which saw Bloomberg Television India reach 30 million Indian households.
Business Broadcast News will continue to operate the TV channel with fresh branding, which will be unveiled separately, effective 1 April 2016, subject to regulatory approval, and Bloomberg will announce a new media partner in due course.
“Our strategic partnership with Reliance Group and Ronnie Screwvala enabled us to successfully reach millions of viewers in India, and deliver market-moving business and financial news on India’s growth and development,” said Bloomberg Media Group MD international Parry Ravindranathan.
“Together, we set new standards in financial broadcast journalism, and we will continue to value our relationship with both partners. In the coming weeks, we will unveil a new chapter for Bloomberg Media in India as we remain more committed than ever to expanding our media operations this year in broadcast, digital and other platforms.”
Business Broadcast News director Tarun Katial said, “In recent years, the channel has witnessed consistent increase in reach and viewership, and created a benchmark for credible business news reporting with experienced anchors and marquee shows. We have had great learning drawing upon the global expertise and credibility of Bloomberg, and we look forward to maintaining this strong relationship in the years ahead.”