ENIL acquires TV Today's Oye FM

Oye FM has operations in seven cities, including Delhi, Kolkata, Amritsar, Mumbai, Jodhpur, Shimla and Patiala

BestMediaInfo Bureau | Mumbai | February 16, 2015

Entertainment Network (India) Limited (ENIL), which owns Radio Mirchi, has announced the acquisition of TV Today Network's seven radio stations running under the brand name Oye 104.8 FM. As reported by BestMediaInfo earlier, TV Today Network had put its loss-making radio business up for sale, according to a statement filed with BSE on February 6, 2015.

ENIL, through Radio Mirchi, is already present in 32 cities, including Mumbai, Delhi and Kolkata. The proposed deal would also expand its presence to cities like Amritsar, Jodhpur, Patiala and Shimla. The deal adds a lot more significance in the wake of Phase III auctions, which are scheduled to be held in the coming months.

The deal was confirmed by both the companies in statements released to BSE on February 13, 2015. The financials behind the deal have not been disclosed yet. TV Today Network in the statement said, “TV Today Network Ltd has informed BSE that the Committee of Senior Officials at a meeting held on February 13, 2015, noted that the Company had entered into a non-binding memorandum of understanding with Entertainment Network (India) Limited, in relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited subject to fulfillment of the contractual obligations (which may be agreed between the parties) and receipt of all necessary regulatory approvals including permissions from the Ministry of Information and Broadcasting, Government of India.”

As informed earlier, this is the second time that TV Today Network is selling its radio business. Prior to this, the company sold its first radio station, Red FM, launched in 2002, to a consortium of investors in 2006, and later, Kalanithi Maran's Sun Network bought a stake in the company. After selling Red FM, India Today Group started a chat show-based FM station Meow FM, which was later rebranded as Oye 104.8 FM in September 2010.

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