Radio City 91.1 FM acquired by Jagran Prakashan
Radio City 91.1 FM, India’s first private FM is station and also one of the leading channels in the country, has been acquired by Jagran Prakashan Limited. Set up in 2001, Radio City is India’s first 24-hour private FM station by MBPL in Bengaluru.
This is going to prove to be a great business deal for the print major ahead of the Phase III auctions. Radio City is held by private equity fund India Value Fund (IVF) and operates in 20 stations in seven states across India.
Talking about the announcement, Ms. Apurva Purohit – CEO, Radio City 91.1 FM said, “Jagran Prakashan has entered into an agreement to acquire Radio City 91.1 FM, subject to the approval of the ministry of information & broadcasting. This augurs well for all the stake holders. Both Jagran and Radio City have been pioneers and leaders in their respective space and this partnership will help augment the growth aspirations of the brand. We look forward to exciting times ahead.”
The acquisition will be an all cash deal and is a subject to regulatory approvals, including from Ministry of Information and Broadcasting (MIB).