TV Today to sell radio biz to Entertainment Network

Media firm TV Today Network has entered into an agreement with Entertainment Network India Ltd (ENIL), which owns Radio Mirchi FM channel, to sell its radio business.
ENIL is promoted by Bennett, Coleman & Co Ltd, which publishes dailies Times of India, Economic Times and Navbharat Times.
"The committee of senior officials at a meeting held on February 13, 2015, noted that the company had entered into a non-binding memorandum of understanding with Entertainment Network (India) Limited, in relation to the proposed sale of seven radio stations to Entertainment Network (India) Ltd," TV Today Network said in a BSE filing.

On February 6, TV Today Network's Board also approved sale of its radio FM business, OYE! 104.8 FM, and has authorised a committee of Directors/senior officials to negotiate the terms and conditions with potential buyers.
The company said that the deal is subject to fulfilment of the contractual obligations (which may be agreed between the parties) and receipt of all necessary regulatory approvals including permissions from the Ministry of Information and Broadcasting, Government of India.
In December last year, leading media group Jagran Prakashan (JPL) announced acquisition of Music Broadcast Pvt Ltd, which operates the popular Radio City FM stations in an all cash deal.

Radio City operates 20 FM stations in seven states. It has presence in metros as Delhi, Mumbai, Bengaluru and Lucknow and has a listener base of 10.8 million.