Times Group owned Radio Mirchi is acquiring TV Today network backed OYE FM . Radio Mirchi is the largest private FM radio operator in India which saw revenues climb to Rs 407 crore with net profit of Rs 83.4 crore in FY14.
The deal value hasn't been disclosed buy BCCL/ENIL but as per sources the deal size is around Rs. 50 Crore. This would be the second sale of TV Today after it sold RED FM.
Radi Mirchi was eagerly looking for consolidation in FM space and with the new policy that allows FM operators to buy second and even third FM radio frequencies in the same market came in as an opportunity to become the leader in FM space and eyeing to control the Radio market share.
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TAGS: RADIO MIRCHI, OYE FM, DEAL, BCCL, TIMES, TV TODAY, RED FM,