Jakarta. Global business and financial news network CNBC expects to establish its Indonesian affiliate by early next year, president and managing director KC Sullivan told the Jakarta Globe on Wednesday (23/11).
CNBC Indonesia, which is expected to serve as a dedicated business and financial television and digital news service, will be the result of a strategic partnership, announced in January, between CNBC International and Indonesian tycoon Chairul Tanjung's Trans Media Corpora.
The service will be in Bahasa Indonesia.
Speaking during the 15th Asia Business Leaders Awards in Jakarta, Sullivan highlighted the importance of holding CNBC's main event in Indonesia before the broadcaster expands to the archipelago.
"It is a good opportunity for us to have the brand on the ground in Indonesia," said Sullivan, who is responsible for managing CNBC's assets in Europe, the Middle East, Africa and the Asia-Pacific region. He added that Indonesia is an "incredibly important market," for the broadcaster.
High-profile businessmen from Indonesia and neighboring countries attended the extravagant event at Hotel Mulia in South Jakarta.
Sullivan said CNBC Indonesia "will start as digital a product" before "ultimately turning into a multi-platform media, with "TV and a digital offering."
"It hasn't started yet, we are hoping for early next year," said the executive, who was chief financial officer of the NBC News Group from October 2012 to May 2013. To date, CNBC has not officially announced a specific launch date for its service in Indonesia.
Sullivan said the CNBC is bullish on the long-term prospects of Indonesia's economy and the business community. This is expected to lift demand for more business and financial news services.
He said Indonesia "is a key market" for the company to grow for the next 10 to 20 years, and that this is an area they are looking at closely.
"To do an event on the ground is very, very important," Sullivan said.
When asked whether CNBC is not worried about having a similar experience to Bloomberg TV Indonesia, which was forced to close in August 2015 after slightly more than two years due to low revenue, Sullivan said he believes the global news network has picked the right partner for its presence in Indonesia.
He said CNBC is confident that it will be able to combine nearly 30 years of experience in providing business and financial news with Chairul's local expertise in the media as well as broader businesses.
"What was key for us [in the partnership] is that we have good local partner and CT Corp is a good local partner," he said.
CT Corp is the parent company of Trans Media Corpora.
CNBC will add to Chairul Tanjung's media stable, which already includes Trans TV, Trans 7, TransVision, online news portal Detik and CNN Indonesia. Apart from media, he has interests in retail, property and theme parks.