The TV Today Network has informed the BSE that its board of directors has inter-alia approved the acquisition of equity shares of Mail Today Newspapers Private Limited (Mail Today) from its other shareholders along with a reorganization of its radio business.
Living Media India Limited (LMIL) holds 66.78 per cent of the equity shares through its wholly owned subsidiary India Today Online Private Limited (ITOPL), while AN (Mauritius) Limited holds 25.21 percent of the equity shares of Mail Today. Both the entities will transfer the shares to TVTN as a gift so that Mail Today becomes a wholly owned subsidiary of the company. TVTN has valued the equity shares held by ITOPL at Rs 26.80 crore and those held by AN (Mauritius) Limited at Rs 10.12 crore. The company informed the bourses that the fair value loss (under IND AS) in connection with investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore.
Meanwhile, the company also said that its board has approved the acquisition of 100 per cent of the issued and paid up capital of Vibgyor Broadcasting Private Ltd. for the purpose of reorganizing its radio business by transferring its radio business through slump sale to the aforesaid entity. TV Today Network runs its radio operations under the brand name Oye FM.
“The transfer of radio business into a separate company is being done to segregate the radio business operations and to have better focused for the same and enhance the business value in the subsidiary,” said TV Today Network in the statement to the stock exchange.
It may be recalled that TV Today Group had managed to successfully complete the sale of 4 of its stations to the Times Group subsidiary ENIL last year along with entering into ad sale partnerships with ENIL for its remaining stations in Mumbai , Delhi and Kolkata.