Reliance Capital buys 18 per cent stake in Bloomberg UTV
16 Jun 2010
Anil Dhirubhai Ambani Group company Reliance Capital has acquired an 18 per cent stake in business news channel Bloomberg UTV, for an undisclosed amount.
Other details of the deal were also not immediately available.
"The investment will form part of Reliance Capital's exposure to the fast growing and high potential media sector," the ADAG firm said in a statement.
The Anil Ambani firm also has stakes in the Network18 Group (which operates CNBC, CNN-IBN, IBN7, Colors and Awaaz channels) and TV Today Network that operates the Aaj Tak and Headlines Today channels.
Once the deal is completed, Reliance Capital will be the second largest shareholder in Bloomberg UTV after UTV founders' 67 per cent stake. Bloomberg will have 15 per cent equity in the channel.
Bloomberg UTV is a joint venture of business news and financial data publisher Bloomberg LP and the promoters of Indian media and entertainment group UTV.
Reliance Capital reported consolidated total income of Rs6,141 crore ($1.3 billion) for the year ended 31 March 2010 against Rs5,983.3 crore in the previous year.