New Delhi : Jagran Prakash has received the approval of Information and Broadcasting Ministry to go ahead with the acquisition of Radio City. With this Radio City is officially becomes a part of Jagran Prakashan. The deal was okayed by the Ministry yesterday.
Being a part of the Jagran family will enable Radio City to offer a more comprehensive bouquet of services to the advertisers. However, Radio City will continue to operate under the management control of its current leadership.
Talking about the development, Apurva Purohit, CEO, Radio City, said, “This is great news for both Jagran and Radio City and more importantly, signals a desire amongst all stakeholders to see that the FM industry flourishes and grows. I am glad that the approval is in place now.”
She further said, “With this, the pioneer and leader in FM gets to be a part of one of the largest media houses in India. We now look forward to expanding aggressively in the upcoming Phase 3 and cross leveraging on strengths.”
Shailesh Gupta, Director, Jagran Prakashan, said, “The deal further consolidates JPL’s leadership position and complements our other businesses of print, OOH, digital and activations. It gives us a greater leverage to provide better solutions to our advertisers. Radio City is one of the most exciting FM brands in the industry today, and together we look forward to take it to newer heights.”
It may be noted that the Information and Broadcasting Ministry has rejected the another M&A deal in Indian Radio space last week asking for the merger of Oye FM owned by TV Today network with Radio Mirchi owned by Entertainment Network India Ltd. (ENIL).