MUMBAI: Sapphire Media Limited has completed the acquisition of FM Radio station, BIG 92.7 FM.
Big 92.7 FM, previously owned by Reliance Broadcast Networks Limited and was under corporate insolvency resolution process since February 2023. Rohit Mehra was appointed as the resolution professional.
Sapphire Media said that it has received all the statutory approvals to take over the board and management control of Radio Big 92.7 FM from the Ministry of information and Broadcasting. It is said to have made the payment of dues to the committee of creditors of Reliance Broadcast Networks Limited within the stipulated timelines as per the approved resolution plan.
Earlier, the National Company Law Appellate Tribunal (NCLAT) principal bench & NCLT Mumbai Bench had approved the resolution plan submitted by Sapphire Media in its order dated 23 December, 2024 and 6 May, 2024 respectively rejecting the various objections from the competitors like Radio Orange and others.
Radio Big 92.7 FM is one of the largest radio networks in the country with 58 stations and a reach of over 1,200 towns and 50,000 plus villages. The brand will reinforce Sapphire Media’s expansion plans in the tech driven digital content creation and broadcasting space.
This acquisition follows the launch of India Daily 24X7, Sapphire Media’s 24×7 Hindi news channel, which it said focusses on credible journalism and a modern approach to news. The group also runs an outdoor advertising network.
ADVERTISEMENT
