New Delhi, Nov. 14
Media company Television Eighteen India Ltd has announced the acquisition of all assets and staff of financial news agency Crisil MarketWire (CMW) from Crisil Ltd with effect from January 1, 2007. CMW will now be known as NewsWire18 Pvt and from a real-time financial newswire will now become an integrated information terminal, targeted initially at the domestic market.
The new business will have its own real-time market data and news terminal sourced from the UK-based Tenfore Systems Ltd, which reaches more than 60 countries and has more than 500 corporate clients including HSBC, ING and Rabobank.
Mr Pankaj Aher, Chief Executive Officer, Crisil MarketWire Ltd, is to continue as CEO, leading his present team of 60 journalists across nine bureaus.
"This transaction will allow the CMW team to be housed in a large, mainstream and fast-growing media company," said Mr R. Ravimohan, CEO and Managing Director, Crisil Ltd.
"We are very pleased to have the CMW business on-board and are committed to help it grow to its rightful potential. This transaction and the news and data platform complements our leadership brands in the financial news and information space and will help us extend our dominance to the institutional segment and serve it better," said Mr Haresh Chawla, Group CEO, Television Eighteen. According to Mr Raghav Bahl, Managing Director, Television Eighteen, the acquisition is an important milestone in the efforts to becoming a more integrated news company and will create tremendous shareholder value.