Television Eighteen India Ltd on Tuesday announced the acquisition of all assets and staff of financial news agency Crisil Market Wire (CMW) from Crisil Ltd.
The acquisition will take effect on January 01, 2007 and follows the earlier decision of CRISIL and TVI8 to jointly develop a framework for business collaboration, the two companies said in a joint statement.
"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 & 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, " Haresh Chawla, Group CEO, Television Eighteen India Ltd said.
CMW would be christened NewsWire18 Pvt Ltd and will be a group company of the TV 18 Group. The TV 18 Group is committed to grow in the news and the information terminal business, it said.
The TV18 group will take over all the assets and liabilities and staff of CMW from the effective date. Pankaj Aher, currently Chief Executive Officer of CRISIL MarketWire Ltd, would continue to be the CEO of the new entity.
The new venture will carry with it all the staff of CMW across all locations and functions.
"The strategic fit that the newswire business will provide to our existing business will create tremendous shareholder value. This acquisition marks an important milestone in our journey towards becoming a more integrated news company," TV 18 Managing Director Raghav Bahl said.