The TV Today Network, in a statement to the BSE, has said that it is looking to sell off its radio business, which operates under the brand name ‘Oye FM’.
Besides, the company has authorised a committee of directors/ senior officials to negotiate the terms and conditions with potential buyers and to execute the sale, subject to requisite statutory and regulatory approvals.
Oye FM has operations in seven cities, including Delhi, Kolkata, Amritsar, Mumbai Jodhpur and Patiala. The decision comes after TV Today Network announced its quarter results for the period ending December 31, 2014.
The results for Q3 2015 reveal that the group’s radio business suffered a loss of Rs 1.94 crore. It also suffered losses of Rs 2.90 crore in Q3’14 and Rs 1.80 crore in Q2’15. The nine-month period results for 2015 showed a loss of Rs 6.30 crore compared with Rs 7.24-crore loss for the corresponding period last year.