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TV Today sells four radio stations to ENIL for Rs 4 crore

The TV Today Network has said that it has entered a binding contract to sell four of its radio stations to Entertainment Network (India) Limited (ENIL), the company informed in a notification with the Bombay Stock Exchange. TV Today had received approval for the sale of its radio stations from the ministry of information and broadcasting earlier in July and said that the contract was signed between the two companies on September 11 amounting to Rs 4 crore. The company will sell its Jodhpur, Amritsar, Patiala and Shimla stations, the total turnover of which in the annual financial year 2014-2015 was Rs 3.96 crore equivalent to 0.8% of the total turnover of TV Today. According to the terms, ENIL will pay migration fees to MIB for shifting these radio stations from Phase II to Phase III. Earlier in February, TV Today Network's board members had agreed to sell seven of its radio stations and a non-binding memorandum of understanding with ENIL was signed. The radio stations to be sold then included its Delhi, Mumbai and Kolkata branches. In April this year, TV Today approached High Court with an urgent writ petition to authorize sale of its Oye FM radio stations to Entertainment Network India Limited (ENIL) as its permissions from the ministry of information and broadcasting were getting delayed. ENIL operates Radio Mirchi and is currently operational across 32 cities across India. TV Today currently operates three Hindi general news channels including Aaj Tak, Dilli Aaj Tak and Tez in Hindi and English general news channel Headlines…

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