Entertainment Network (India) to acquire 49% stake in Qatar based Global Entertainment Network

To take Mirchi brand and content on radio broadcasting platform of Marhaba FM

Entertainment Network (India) (ENI) has entered into Shareholders' Agreement with Global Entertainment Network (GENL), Marhaba FM and Salem Fahad S E Al-Naemi.

Purpose of entering into the agreement:
Marhaba FM holds a commercial radio broadcasting station license in respect of the FM frequency 89.6 in state of Qatar (License). Pursuant to the License, Marhaba FM is currently operating a private FM radio station at 89.6 FM in Qatar under the brand name One FM.
GENL is the wholly owned subsidiary of Marhaba FM. ENIL shall make an equity investment in the share capital of GENL. GENL shall conduct the Business in Qatar in accordance with the terms and conditions set out in the Agreement.
As part of the business, GENL shall, inter alia, provide services to Marhaba FM in connection with operating the Station under the brand name MirchiOne as per the terms and conditions agreed between GENL and Marhaba FM.

ENIL will hold 49% stake in share capital of GENL.

The Company shall also enter into the Brand and Content License Agreement with GENL, for using the Company's Trademarks and the Content on the radio broadcasting platform of Marhaba FM in relation to its business on the terms and conditions set out in the Agreement.

GENL's business shall include inter alia providing services in relation to operating, managing and controlling the operations of private FM radio stations, organising concerts and music awards, conducting digital operations/ music streaming, planning and executing events, designing television shows and undertaking other activities as mutually agreed between the parties, within the State of Qatar.

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