New Delhi : tvnew4u.com earlier reported that India Today Group’s ‘Oye FM’ is up for sale due to heavy losses and Radio Mirchi was looking to expand its presence in FM broadcasting space through M&A route before the Phase III FM auction, Now sources confirm that Radio Mirchi has inked a pact to acquire the seven ‘Oye FM’ radio stations run by the TV Today Network.
In separate announcements, the two entities said they have entered into a “non-binding memorandum of understanding” for the proposed deal, but did not disclose financial details.
‘Radio Mirchi’ is operated by Entertainment Networks India Ltd (ENIL), which is promoted by Bennett, Coleman & Co Ltd and is part of the diversified media group comprising of leading dailies like Times of India, Economic Times and Navbharat Times, as also TV channels including Times Now and ET Now.
‘Oye 104.8 FM’ is also run by a leading media group, India Today Group, which publishes a number of magazines as also Mail Today daily, while its TV channels include Aaj Tak and Headlines Today. The group runs seven Oye FM stations – in Mumbai, Delhi, Kolkata, Amritsar, Jodhpur, Patiala and Shimla.
On the other hand, Radio Mirchi is present in at least 32 cities including in Mumbai, Delhi and Kolkata. The proposed deal would also expand its presence to cities like Amritsar, Jodhpur, Patiala and Shimla. This comes at a time when the government has initiated a process for auction of the third phase of FM radio frequency, which was stuck for over three years. Besides, this is the second time that TV Today group is selling its FM radio assets.
