Reliance Capital to pick up 18% in Bloomberg UTV

 MUMBAI: Reliance Capital, part of billionaire Anil Ambani‘s empire,


is snapping up an 18 per cent interest in business news channel Bloomberg UTV for an undisclosed amount.

Bloomberg has already applied to the FIPB (Foreign Investment Promotion Board) for a 15 per cent stake in the channel.

Reliance  Capital is buying the stake from the promoters of Bloomberg UTV. Founder-promoter Ronnie Screwvala and associates will, thus, hold the remaining 67 per cent stake.

Meanwhile, rumours spread that Ambit would also be picking up a stake. Ambit Group CEO Ashok Wadhwa, however, denied such a move. "We acted as the advisor to the transaction. We are not picking up any stake in Bloomberg UTV. That is not a business we are in," Wadhwa told  
  Reliance Capital has existing investments in Network18 (which operates CNBC TV18, CNN-IBN, IBN7, Colors and Awaaz channels) and TV Today network (which operates Aaj Tak and Headlines Today).

The Reliance Group has 15.49 per cent stake in TV Today, according to data available till 31 March 2010. It also holds 2.09 per cent in Network18 and 4.99 per cent in IBN18.

The investment will form part of Reliance Capital‘s exposure to the fast growing and high potential media sector.

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.




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