Radio Mirchi to acquire Oye FM

Recently, news was broken about TV Today's Oye FM being on sale. Its not even been a week and Times Group's Radio Mirchi has acquired seven Oye FM radio stations which are run by the TV Today Network.

Radio Mirchi which is operated by Entertainment Network (India) Ltd in a meeting informed BSE that the Committee of Directors of the Board at a meeting held on February 13, 2015, noted that the Company has entered into a non-binding memorandum of understanding with TV Today Network Limited (TVTN), in relation to the proposed purchase of seven radio stations from TVTN, subject to fulfillment 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.

Oye 104.8 FM was run by leading media group, India Today Group, which publishes a number of magazines and also has a daily called 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. On the other hand, Radio Mirchi has presence in at least 32 cities including in Mumbai, Delhi and Kolkata.