According to a release issued by TV 18 India to the Bombay Stock Exchange on Tuesday, the transfer will be effective January 1, 2007. The move follows the earlier decision of TVI8 and Crisil to jointly develop a framework for business collaboration.
No financial details were mentioned in the release. "The CMW business will be rechristened as NewsWire18, and will be a group company of the TV 18 Group," the release added.
Haresh Chawla, Group CEO, TV 18 India, said: "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 will help us serve the institutional segment."
Pankaj Aher, currently CEO of Crisil MarketWire, will continue to be the CEO of the business and NewsWirel8, and the entire team of professionals with him at CMW will continue to be associated with the business in the same capacity.
The new venture will carry with it all the staff of CMW across all locations and functions, the release added.