Reliance Capital (R-Cap) is seeking an increased stake in UTV News, which runs the English-language business TV channel Bloomberg TV in India, according to Business Standard.
R-Cap, which currently holds 18% in UTV News, is said to be interested in buying the entire 66% share owned by UTV’s founder and promoter Ronnie Screwvala, according to the newspaper’s sources. Bloomberg LP holds the remaining 16% stake in the venture.
Rumours suggest the venture would be rebranded Bloomberg India early in 2012. However, a Bloomberg UTV spokesperson said: “There is no stake sale contemplated at all, nor any change in shareholding. The name change to remove UTV is triggered by the proposed Disney and UTV acquisition, as the brand UTV would be part of The Walt Disney Co India.”
Disney was last week given Indian Government approval for its full acquisition of parent company UTV Software Communications, in which it had previously held a 32.1% stake.
Anil Ambani’s Reliance Group already has a joint venture with CBS Studios, with which it broadcasts three English language channels in India under the brand Big CBS. It also has minority investments in TV Today among other channels, and operates the Reliance Digital TV direct to home (DTH) satellite television platform in India.
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