Global news and information giant Bloomberg and Indian business news channel UTVi, part of diversified media firm UTV Software Communications, this morning signed a content and co-branding agreement, under which, UTVi will be rebranded as Bloomberg-UTV. The channel’s website, Utvi.com, will become Bloombergutv.com.

The deal comes after months of negotiations, which we first reported in May. Bloomberg was also in talks with NDTV Profit. We had said that a financial deal would be part of it and multiple sources familiar with the talks said a financial deal was probably on the way and would likely be announced at a later stage after obtaining regulatory approvals. A UTV statement said nothing about a financial transaction and UTVi chairman Ronnie Screwvala was unavailable for comment.

“We are thrilled about this collaboration and believe the audience in India will strongly benefit from the news, analysis and the world’s most powerful business analytics tools that Bloomberg brings to bear,” Screwvala said in a statement.

UTVi is broadcast by UTV News Ltd, a company wholly owned by Ronnie Screwvala, who is also the chairman and promoter of UTV Software Communications Ltd. The Walt Disney Co. (NYSE: DIS), through an overseas subsidiary, owns about 59% stake in UTV Software Communications, even though majority voting control remains with the promoter group through a shareholders’ agreement.

With this deal, Screwvala, a first generation entrepreneur who started off by wiring up South Mumbai apartments and playing movies through a rudimentary cable network, has not only built a media and entertainment business, but has also got two of the world’s biggest brands in entertainment and news to be a partner.

Business News Market:

The already heated business news broadcasting market just caught a fever with the entry of Bloomberg TV. Rival Reuters is a content partner of new entrant ET Now, while CNBC has been a long standing partner of TV18, the leader in the segment. According to data from TAM Media Research, for the week ended 5 September, UTVi had a 10% marketshare in the all-India segment. ET Now had 11%, NDTV Profit had 22% and CNBC TV18 had a dominationg 58% share. In the Metros, key markets for business news in English, UTVi had a 16% share, ET Now had 18%, NDTV Profit had 23% and CNBC TV18 had a 42% share.

The tie-up with Bloomberg will, without doubt, reenergize UTVi and the intense competition that will likely result will be interesting to watch.

“India’s TV viewers will have access to the BLOOMBERG TELEVISION® network global feed, supported by 145 BLOOMBERG NEWS® bureaus around the world,” the companies said in a statement.

Andy Lack, CEO of Bloomberg Multimedia Group said in a statement: “By working with UTV to realize our shared vision for business and financial television, Bloomberg renews its commitment to delivering business, economic and political news and analysis to viewers in India, and at the same time to delivering news about one of the world’s most dynamic economies to investors across the globe.”

• UTVi In Talks With Bloomberg For Stake Sale, Content And Co-BrandingExclusive: Bloomberg TV Also In Talks With NDTV Profit For Content, Branding Partnership