Optima Takes Bloomberg TV Africa To Court For Terminating Contract
Sources close to the matter say that Bloomberg Television Africa is exiting the content sharing and licensing deal with Optima because of "too much bad press and negative publicity", which is hurting the Bloomberg brand.
Optima, on the other hand, have said that since Bloomberg agreed to pay USD17M in content license fees plus more in royalties, they have hit some buffers with regards the currency exchange situation in Nigeria - and as a result wanted to wriggle out of their deal.
The Bloomberg action is in 'bad faith' and can have a detrimental effect on the company finances. Optima will plead to the Court.