Reuters has bought a stake in an English-language news channel being set up by the Times of India. The news service has bought 26% of the Times of India Global Broadcasting Company, a division of the Indian newspaper group that publishes the world's biggest daily broadsheet in circulation terms, with a readership of some 7.4 million.
The English-language channel will go live this year, serving India's growing urban audience of 44 million cable television subscribers. It will operate from Mumbai and Delhi, supported by bureaux around the country. The channel will show Reuters-branded segments, such as updates from financial markets and items involving Reuters correspondents.
The venture is the first step in Reuters' plan to establish new ventures in developing markets. In more developed markets, the company is concentrating on supplying internet news as part of the Microsoft media centre.
"Working with the Times Group in this way enables us to enter India's dynamic broadcast industry and reach its rapidly growing and information-hungry audience," said Chris Ahearn, the president of Reuters Media. "This investment is a key step in growing our global direct-to-consumer business."
Vineet Jain, the managing director of the Times of India Group, said the alliance was a "great coming together of two of the world's strongest news brands". The group is building a portfolio of premium cable channels aimed at urban viewers. The first of these, Zoom, a lifestyle channel, launched last year and reaches more than 22 million homes.
