 "Sharp reduction in capex and an increase in operating profit led to a 49% jump in operating free cash flows on a sequential basis")
The final order of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on the name change sought by Bloomberg Quint for the TV channel is expected to come on December 9.
Quintillion Business Media Private Ltd (QBM), a joint venture between Raghav Bahl and Bloomberg, had acquired a company called Horizon Satellite Service Private Ltd. Horizon owned licenses of 2 news and current affairs television channels. After its acquisition by QBM, Horizon has been seeking name change of the television license it holds.
Currently, the channel is called "Y TV" and Horizon has made an application to Ministry of Information and Broadcasting to change the name to to "Bloomberg Quint".
Horizon has applied to the TDSAT for the delay in change of name by the Ministry and sought a direction from the it to the Ministry for the change to Bloomberg Quint.
There has been some speculation about Bloomberg Quint as some media reports have said that Bloomberg is likely to exit it.
But, Bahl has written to employees at Bloomberg Quint and blamed "our competitor" for such "ham handed 'get back'".
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"Some nonsense has just been published by our competitor who is getting very nervous about our imminent TV launch. Our application is coming up for a final order on Dec 9; and prospective investors are queuing up to invest with us.
"They have seen the enormous/pioneering success of our digital franchise, and are rather nervous about how we could disrupt their flagship operation!Also, this is a ham-handed 'get back' at Bloomberg's article on N18's sale to TOI. Keep the faith. BQ shall remain in the race, and WIN," Bahl wrote in the letter to the employees.
Moneycontrol.com, a part of News 18 network reported on Tuesday, that Bloomberg will break the joint venture with Raghav Bahl's Quintillion Media, paving the way for conversations with other media groups in the country.
"Bloomberg is believed to have approached other Indian groups for a possible tie-up, presaging curtains for its third planned TV stint in India - BloombergQuint -- people familiar with the matter told Moneycontrol News," the report said.
