TV Today Network puts Oye FM on sale

Recently, the TV Today Network has put its 'not so profit making unit' under the brand name 'Oye 104.8 FM' up for sale according to a statement that was filed with BSE.

The statement said, "The Board has approved the sale of Radio FM Business (Seven Radio Stations) and has further authorized a Committee of Directors / senior officials to negotiate the terms and conditions with potential buyers and to execute the sale, subject to requisite Statutory and Regulatory approvals."

The development took place on February 6, 2015, when TV Today reported a 27.61 per cent increase in their profit of Rs 26.34 crore for the third quarter ended 31st December, 2014. The revenue from the radio business stood at Rs 3.99 crore as against Rs 4.36 crore in the same quarter last fiscal.

This is not the first time that the network is selling its non-profitable radio business. Earlier, the company had sold 'Red FM' which was launched in 2002, and was was sold in 2006 to investors. Later Sun Network bought stake in the company.

It was post Red FM that the Group started Oye 104.8 FM in September 2010.

Media
@adgully

News in the domain of Advertising, Marketing, Media and Business of Entertainment

More in Media