Mumbai : TV Today Network Ltd has put its loss-making radio business under the brand name ‘Oye 104.8 FM’ up for sale, according to a statement filed with BSE.
The company said in the statement: “The Board has approved the sale of Radio FM Business (Seven Radio Stations) and has further authorized a Committee of Directors / senior officials to negotiate the terms and conditions with potential buyers and to execute the sale, subject to requisite Statutory and Regulatory approvals.”
It’s not the first time that the company 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, 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.
On Friday, February 6, 2015, TV Today had reported a 27.61 per cent increase in standalone net profit at Rs 26.34 crore for the third quarter ended December 31, 2014. It had posted a net profit of Rs 20.64 crore in the same period last fiscal.
The company’s net sales stood at Rs 131.15 crore compared with Rs 110.94 crore in the year-ago period. Its television broadcasting revenue in the December quarter was at Rs 127.72 crore against Rs 107.05 crore in the corresponding period last fiscal. Revenue from radio broadcasting was at Rs 3.99 crore as against Rs 4.36 crore in the same quarter last fiscal.
