TV Today moves court for expeditious govt nod for FM biz sale

Media and entertainment firm TV Today Network today said it has filed a writ petition in a court against delay in approval of Ministry of Information and Broadcasting for sale of its FM radio business (Oye FM) to Entertainment Network.
"An application had been filed by the company on February 16 with Ministry of Information and Broadcasting, Government of India for seeking its approval to sell the FM Radio business (seven stations) to Entertainment Network," TV Today Network said in a BSE filing.
It further said: "Since time is of essence and with approval of the Ministry getting delayed, hence in order to expedite the matter, an urgent writ petition in the High Court is listed for hearing, to seek necessary relief."

In February, Radio Mirchi inked a pact to acquire seven Oye FM radio stations run by the TV Today Network.
In a 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, which is promoted by Bennett, Coleman & Co, and is part of the diversified media group comprising of leading dailies like Times of India, Economic Times and Navbharat Times and TV channels including Times Now and ET Now.
Radio Mirchi is present in at least 32 cities, including Mumbai, Delhi and Kolkata.

'Oye FM' is run by India Today Group, which publishes a number of magazines, like Mail Today, 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.