ITV

Tag: Crisil MarketWire

  • TV18 Q1 consolidated revenue at Rs 682 million

    MUMBAI:TV 18’s consolidated revenues surged to Rs 681.57 million for the first quarter ended 30 June 2007, up from Rs 453.66 million in the year-ago period.

    TV 18 has posted a net profit of Rs 76.19 million on a turnover of Rs 579.23 million from its news operations for the first quarter ended 30 June 2007.

    In the year-ago period, revenue was at Rs 402.12 million while net profit stood at Rs 36.86 million. The company runs business channels CNBC-TV18 and CNBC-Awaaz.

    Though revenue from internet and software operations jumped to Rs 93.41 million from Rs 51.54 million, TV 18 incurred a net loss of Rs 25.53 million as against a profit of Rs 21.29 million in the corresponding period of the previous year.

    “The investment losses of Web 18 are minimised by strong revenues of existing portals,” the company said in an official release. Web 18 has commenced conversion to US GAAP standards.

    Newswire 18’s revenue stood at Rs 8.93 million while net loss was at Rs 49.92 million for the quarter. TV 18 acquired Crisil MarketWire (CMW) from Crisil Ltd and rechristened it as Newswire 18.

    Commenting on the performance TV18 MD Raghav Bahl said,: “We are thrilled with this Quarter’s performance. While our channels are scaling new heights in the business news space, the internet properties under Web18 have started posting robust revenues. Newswire18 has expanded its network and is ahead of its business plan.”

  • TV18 acquires Crisil MarketWire

    TV18 acquires Crisil MarketWire

    MUMBAI: Raghav Bahl-promoted Television Eighteen Group is on an acquisition spree. Having gobbled up several internet firms, the company is now acquiring the assets of Crisil MarketWire (CMW), a financial news wire service from Crisil Ltd, for an undisclosed amount.

    The CMW business will be rechristened NewsWire18 Pvt LTD and will be a group company of the TV 18 Group. The transfer will take effect from 1 January. This follows the earlier decision of CRISIL and TVI8 to jointly develop a framework for business collaboration.

    CMW will transform itself from a real-time financial newswire into an integrated information terminal, targeted initially at the domestic market. “This transfer will further enhance CMW’s capability to meet customer demand for a good quality, locally-focused real-time news and data product that meets all the needs of financial market participants in India. The TV 18 Group is committed to grow the news and the information terminal business,” the company said.

    The old team will be retained and Crisil MarketWire Ltd. CEO Pankaj Aher will continue to head the business. “The new venture will carry with it all the staff of CMW across all locations and functions,” TV18 confirmed.

    Commenting on the acquisition, Bahl said: “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.”

    Added Television Eighteen Group CEO Haresh Chawla, “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.”

    The news business will have its own real-time market data and news terminal that is sourced from Tenfore Systems Ltd. Founded in 1989, Tenfore has direct end users in more than 60 countries, and boasts over 500 corporate clients including HSBC, ING and Rabobank and 45 wholesale / redistribution clients including Thomson Financial and GFI.

    Tenfore is head quartered in the UK, with offices in Germany, The Netherlands, and Switzerland.