NEW DELHI, May 9: Entertainment Network India Ltd – promoted by Bennett, Coleman & Co – and TV Today Network have decided to appeal against the Ministry of Information and Broadcasting’s decision denying them permission for the deal under which ENIL is to buy TVTN’s seven radio stations.
In February, ENIL had entered into a non-binding memorandum of understanding for the purchase of seven radio stations from TVTN.
In a filing to the BSE, ENIL said Ministry of Information and Broadcasting (MIB) has declined its approval on the grounds that the proposed deal is not in conformity with the FM Radio Guidelines.
“However, both the company and TVTN have decided to appeal against the MIB decision,” the filing said.
ENIL owns ‘Radio Mirchi’, while TV Today Network operates ‘Oye 104.8 FM’. Under their proposed deal ENIL was to acquire seven ‘Oye FM’ radio stations.
ENIL, which is promoted by Bennett, Coleman & Co Ltd and is part of the diversified media group comprising of leading dailies like Times of India, Economic Times and Navbharat Times, as also TV channels including Times Now and ET Now. Its Radio Mirchi station is present in at least 32 cities, including in Mumbai, Delhi and Kolkata.
TVTN is part of leading media group, India Today Group, which publishes a number of magazines as also Mail Today daily, 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. (PTI)
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