India Today Group will sell its seven FM radio stations to the Times of India Group’s Entertainment Network India Ltd, which runs the Radio Mirchi chain of stations.
TV Today Network entered into a non-binding memorandum of understanding with Entertainment Network for the sale of the seven radio stations.
TV Today runs the seven FM radio stations under the Oye! 104.8 FM, Sabse Filmi brand.
ENIL is one of the most established radio chains in the country, with its extensive Radio Mirchi network.
The two are among India’s biggest media conglomerates. The India Today group owns several print publications, including the India Today magazine and the Aaj Tak and Headlines Today TV channels, while the Times Group owns India’s biggest newspaper, the Times of India.
The deal has not been concluded, and no financial details were released by the two groups.
It is very rare for Indian media companies to sell assets to each other. Most mergers and acquisitions have happened with the involvement of external or new players, like the recent Reliance-Network18 deal.
