Millenium Broadcast Company has sold its 50 per cent stake in Internet radio site called Myirisfn.com for Re 1 to Myiris.com. The Internet radio venture was a 50:50 joint venture between Millenium Broadcast Company and Myiris.com. As per the joint venture, Myiris.com provided the technology backbone, Millennium Broadcast Company provided the radio expertise.
Confirming this move, Gautam Radia, CEO, Millenium Broadcast Company, said, “ We did not want to continue with the Internet radio at this point of time. The main reason being that this venture was likely to serve Myiris’s interest better and perpetuate their brand and so in the interest of the employees and other shareholders we decided to exit.”
The employees who were with Millenium Broadcast have been given an option either to stay with Myirisfn.com or if they wish they could join Millennium Broadcast.
The initial investment by Millenium Broadcast Company in this venture was Rs 2000 by Gautam Radi himself and that of Myiris.com was Rs 50 lakh.