Jagran Prakashan expected to buy Reliance Broadcast Network for Rs 1,200 crore
In December 2014, Jagran Prakashan bought Music Broadcast Ltd (MBL), which owns Radio City and will is expected to acquire RBN through MBL
According to news reports, Jagran Prakashan, the publisher of Hindi newspaper Dainik Jagran, is expected to acquire Anil Ambani's Reliance Broadcast Network, which operates BIG FM radio channels. The acquisition is believed to be valued around Rs.1200 crores.
In December 2014, Mahendra Mohan Gupta’s Jagran Prakashan bought Music Broadcast Ltd (MBL), which owns Radio City, in an all-cash deal.
It is believed that Jagran Prakashan will acquire RBN through MBL. RBN will transfer the control of 45 stations to MBL once they are granted the necessary approvals, and then the remaining 14 once their lock-in period expires in 2020. With Big FM having 59 FM stations, and MBL having 39 stations under the Radio City brand umbrella, this will make Radio City the country's largest private FM company.
The speculated acquisition comes at a time when Anil Ambani is seeking to raise Rs 12,000 crore to reduce debt by selling non-core businesses. Recently, Reliance Capital, the investment arm of Ambani's Reliance Group, signed a deal with Nippon Life to sell its stake in Reliance Mutual Fund for approximately Rs 6,000 crore.For more updates, be socially connected with us on
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