wordpress blog stats
Connect with us

Hi, what are you looking for?

Reliance Capital to sell FM & TV business to Zee Media for $283M

Reliance Broadcast Network Limited (RBNL), the radio and broadcast business subsidiary owned by Anil Ambani’s Reliance Capital is selling 49% stake of its radio business to Zee Media Corporation Ltd, according to the company’s filing with stock exchanges. Simultaneously, Zee Entertainment Enterprises Ltd (ZEEL), a separate entity under Zee Media will also acquire 100% stake in RBNL's Entertainment and TV business. Both transactions have been valued at at Rs 1,900 crore ($283 million). RBNL and Zee Media have signed “definitive binding agreements” for the deal after receiving approvals from board members of both companies. It is now pending shareholders and other regulatory approvals. Reliance Capital will use the proceeds from the sale to cut its internal debt and reduce additional debt in “non-core business of media and entertainment.” RBNL currently runs a network of FM Radio channels under the brand name of 92.7 Big FM, which is currently live in 45 cities, 1200 towns and claims to have nearly 43 million listeners per week. RBNL will  be transferring 5 operational and 14 new FM channels into two Special Purpose Vehicles (SPVs), and Zee Media shall acquire a 49% stake in each of these two SPVs. Note that both companies shall also have a call/put option for the balance 51% stake in both the SPVs after the stipulated lock-in period . Reliance's TV channels including Big Magic (Hindi Comedy Genre channel) and Big Ganga TV (Bhojpuri channel) will be merged into Zee Entertainment. According to Zee Media, the acquisition will help…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

News

Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...

News

The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ