Times Group to buy 4 FM radio stations of India Today Group
Mumbai, Jul 22: The Times Group-run Entertainment Network India (ENIL), which owns and operates Radio Mirchi FM channel, today said it has got the approval from I&B ministry to acquire TV Today Network's radio station 'Oye' in 4 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 fulfillment 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.
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. EINL has presence in 32 cities across the country. Its shares today settled 12.13 per cent up at Rs 815.05 apiece on the BSE.