Bloomberg Media and Quintillion Media have parted ways. The companies have ended their equity joint venture and entered a new content license agreement. As a result, BloombergQuint will be rebranded by Quintillion.
Bloomberg first entered Indian market with Anil Dhirubhai Ambani-owned Business Broadcast News in 2009 to launch Bloomberg TV India.
The global media giant then partnered with Raghav Bahl’s Quintillion Media in 2016 to enter TV and digital space. While the digital platform BloombergQuint.com fared well, the TV division was dismantled in April 2020 after the first wave of Covid-19 broke out.
The company had then said that the decision to shut television operations was taken after being unable to procure the TV broadcasting licence.
This led to sacking of 50% of the total workforce of the company.
Bloomberg Media is expected to announce its India partnership in coming weeks.
“We have valued our relationship with the Quintillion Media team. While we have mutually decided to shift the focus of our work together, Bloomberg Media remains committed to our presence in India and look forward to a continued relationship with Quint,” said M Scott Havens, CEO, Bloomberg Media.
“Our joint venture with Bloomberg Media was the embodiment of resilient energy. Our digital-only premium subscription product has quickly become the market leader. Even as our terms of engagement with Bloomberg Media have changed, we look forward to imparting a new energy and spirit to the new website,” said Raghav Bahl, Co-founder, Quintillion Media.