Eighteen Group has decided to acquire the assets of Crisil MarketWire belonging to Crisil. The acquisition will come into effect from early 2007.
The Crisil MarketWire business will be rechristened NewsWire18 and will be a group company of the TV18 stable. Pankaj Aher, currently chief executive officer of Crisil, will continue in his role as the chief executive officer of NewsWire 18. Aher's entire team will be retained in the same capacity in the new venture.
Haresh Chawla, CEO, TV18, says, "The Crisil MarketWire business complements our brands in the financial news and information space and will help us consolidate our dominance in the institutional segment."
R Ravimohan, CEO and managing director, Crisil, says, "This deal will enable the Crisil MarketWire team to be a part of the large, mainstream media company and the resulting reach, content and product will provide great value to its customers."
Crisil and the TV18 Group joined hands in October 2006 to develop a framework for a business collaboration.
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