Mumbai: Entertainment Network India (ENIL), a Times Group Company which owns and operates Radio Mirchi FM channel, on Wednesday said it has got approval from I&B ministry to acquire TV Today Network’s radio station ‘Oye’ in four cities.
“The company has now received the approval to purchase TV Today Network’s four radio stations — radio business in Amritsar, Jodhpur, Patiala and Shimla. The said purchase shall be subject to fulfilment of conditions specified by the ministry, execution of relevant documents with TV Today Network and completion of all other relevant formalities,” ENIL said in a filing to the BSE.
“We are excited that the government has approved our acquisition of four stations of TV Today – Amritsar, Patiala, Shimla and Jodhpur. These are vibrant markets and they will add to the strength of our North network,” said Prashant Pandey, managing director and chief executive officer, ENIL.
However, ENIL gets government nod only for four out of seven cities as per the M&A deal between ENIL and TV Today Network and they are yet to receive the approval for acquiring Delhi, Mumbai and Kolkata FM Radio stations owned by TV Today.
“In addition, we are hopeful the government will approve the three Delhi, Mumbai and Kolkata – as well. We have convincing arguments for the government to allow us these three stations. The matter in any case is in the Delhi HC and we hope that if not the government, the Delhi HC will grant us the approval for these three,” he added.
The ministry had earlier declined its approval on the grounds that the proposed sale by TV Today Network and proposed purchase by ENIL is not in conformity with the FM radio guidelines.
The ‘Oye’ channel was launched in 2010 in seven cities — Mumbai, Delhi, Kolkata, Amritsar, Jodhpur, Patiala and Shimla. ENIL has presence in 32 cities across the country.