MUMBAI: Network 18 Media & Investments and TV18 Broadcast founder Raghav Bahl has resigned as a director from both the companies with effect from 8 February, 2016 due to his “pre-occupation.”

Bahl exited the TV news business after the sale of Network18 Media & Investments and all its subsidiary companies in 2014 to Independent Media Trust, which is part of Mukesh Ambani’s Reliance Industries.

It may be recalled that Bahl was recently in the news for his intentions to re-enter the news broadcast space with Bloomberg.

Bahl's new venture The Quintillion Media, which also runs the online portal The Quint, is said to be looking at a strategic partnership with Bloomberg in the wake of the latter exiting its licensing partnership with Reliance ADAG's Business Broadcast News.

According to media reports, Bahl and Bloomberg have invested in a joint venture, which will later look at broadcast news with Quintillion Media holding at least a 51 per cent stake.

As per reports, the new online portal under the JV is expected to launch in the coming weeks, while the business news channel is expected to launch by the end of the current calendar year. The Quint, however will continue to exist as it is.