Bloomberg and Cignal TV Inc. have signed partnership to create Bloomberg Television Philippines with an aim to become the Philippines’ biggest pay-TV service provider with more than one million subscribers by the end of 2015.
“This partnership with Bloomberg Television heralds a new era in Philippine television, in which business information is set to be in the front and center of a rising Philippine economy,” said Manuel Pangilinan, chairman of Philippine Long Distance Telephone Co.
Cignal TV is a subsidiary of multimedia conglomerate Media Quest Holdings Inc., which in turn is wholly owned by the Beneficial Trust Fund of PLDT.
The partnership also aims to provide a more localized way of delivering business news.
Bloomberg Television Philippines is scheduled to launch in 2015.
Presented in English, this local extension of Bloomberg Television will expand the reach of Bloomberg’s market-moving news to one of the fastest growing, English-speaking economies in the world.
It will be distributed exclusively via CignalDigital TV, one of the country’s direct-to-home (DTH) satellite providers, with around 844,000 subscribers at present. CignalDigital TV currently has 97 channels, including 27 high-definition channels.
“The Philippines is fast becoming a premier broadcast destination because of its strong subscriber growth,” said Gary Groenheim, commercial director of Bloomberg Television, Asia-Pacific.
“MediaQuest’s substantial media footprint and stellar reputation make them an ideal partner for us as we expand our brand in Asia,” he added.
The new channel will be run by Bloomberg and TV5, MediaQuest’s free-to-air TV channel and will provide several hours of unique local daily content supplemented by Bloomberg’s programming to create a new 24/7 premium business news channel.
It will be included in Cignal Digital TV’s post-paid international channel bundle and created exclusively for its DTH platform.
“We are very excited to be partnering with Bloomberg and believe their global experience will be invaluable in taking business television programming to the next level,” said Noel C. Lorenzana, president and chief executive officer of MediaQuest.
“We are also committing our latest technology to the production of Bloomberg TV Philippines, such as our high definition (HD) cameras, studio controls, HD OB vans, and HD ENG vans,” Lorenzana said.
This initiative continues Bloomberg Television’s momentum in Asia, complementing local partner channels in India, Indonesia, Malaysia and Mongolia.