Entertainment Network (India) fell 3.68% to Rs 157 after the company announced the termination of the advertising sales agreement with TV Today Network (TVTN).
"Both parties have mutually agreed to terminate the ASA with effect from 1 September 2020", the company said in a BSE filing made after market hours on Monday (31 August 2020).Entertainment Networks (ENIL) had entered into an advertising sales agreement with TVTN on 24 August 2016, in relation to TVTN's three private FM radio stations at New Delhi, Mumbai and Kolkata. As per the agreement, ENIL had to sell TVTN's airtime to third-parties who wished to advertise using TVTN's airtime.
Entertainment Network India owns and operates radio stations. On a consolidated basis, the company reported a net loss of Rs 37.91 crore in Q1 FY21 as against a net profit of Rs 3.85 crore in Q1 FY20. Net sales during the quarter declined 71.7% YoY to Rs 36.91 crore.
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