The Television Eighteen (TV18) Group has announced its decision to acquire the assets and staff of Crisil MarketWire (CMW) from rating agency Crisil Ltd. The transfer will take effect from January 1, 2007. This follows the earlier decision between Crisil and TV18 to jointly develop a framework for business collaboration. The CMW business will be rechristened NewsWire 18 Pvt Ltd and will be a group company of the TV18 Group.
TV18 will take over all the assets, liabilities and staff of CMW from the effective date. Pankaj Aher, currently CEO of CMW Ltd, will continue to be CEO of the business and of NewsWire 18 as well.
It may be noted that CMW is the erstwhile Bridge News. The core team of journalists from Bridge News shifted to Crisil in 2001 when the news agency closed shop in India and formed CMW. It used to support its news with database sourced from India Quotation System (IQS), which incidentally was bought by Reuters recently.