Mumbai, Jan 22 (IANS): Media giants Bloomberg and Business Broadcast News on Friday announced that their media licensing agreement will lapse at the end of the contracted period on March 31, 2016, after seven years of partnership.

Both parties have mutually agreed to allow the licensing agreement to lapse, and to pursue their respective new business strategies, a joint statement said here.

Business Broadcast News will continue to operate the television channel with fresh branding (which will be unveiled separately) effective April 1, 2016, subject to regulatory approval, and Bloomberg will announce a new media partner in due course.

“Our strategic partnership with Reliance Group and Ronnie Screwvala enabled us to successfully reach millions of viewers in India, and deliver market-moving business and financial news on India's growth and development,” said Parry Ravindranathan, managing director - international, Bloomberg Media Group. 

Bloomberg Television India has reached an Indian viewership of 30 million in the last seven years.

“Together, we set new standards in financial broadcast journalism, and we will continue to value our relationship with both partners. In the coming weeks, we will unveil a new chapter for Bloomberg Media in India as we remain more committed than ever to expanding our media operations this year both in broadcast, digital and other platforms,” he added.

“In recent years, the channel has witnessed consistent increase in reach and viewership, and created a benchmark for credible business news reporting with experienced anchors and marquee shows. We have had great learnings drawing upon the global expertise and credibility of Bloomberg, and we look forward to maintaining this strong relationship in the years ahead,” Tarun Katial, director, Business Broadcast News Private Limited said.