FM auction results expected by Tuesday
Sources familiar with the developments said that the final list of winners has now been sent to the ministry secretaries for final checks and clearances and an announcement would be made by Monday or Tuesday
The results of the first stage of the Phase III FM auctions, which finished on September 8, 2015 are expected to be out latest by Tuesday. Sources familiar with the developments said that the final list of winners has now been sent to the ministry secretaries for final checks and clearances and an announcement would be made by Monday or Tuesday.
Another hurdle in the way is the Chennai HC’s ruling that has asked the MIB to refrain from announcing results for Sun TV’s radio division till the time the ongoing dispute between the company and the MEA is not cleared. The company had approached both the Delhi and Chennai High Courts after the External Affairs Ministry denied it security clearance to participate in the auctions.
Though both the courts granted the company permission to participate in the auctions, the Chennai HC had instructed the MIB to not hold back Sun TV’s results till the matter is resolved. The Delhi High Court has already given its go ahead to one of the subsidiary companies of Sun TV Network, viz. Digital Radio Broadcasting Ltd.
If Red FM has won multiple frequencies in Delhi and/or Mumbai then it should not be a major concern for the brand as Digital Radio Broadcasting runs RED FM in Delhi, Mumbai and Kolkata.
The first stage of the Phase III auctions saw 97 channels in 56 cities became provisional winning channels with cumulative provisional winning price of about Rs 1156.9 crore against their aggregate reserve price of about Rs 459.8 crore. Thereby the summation of provisional winning prices surpassed the cumulative reserve price of the corresponding 97 channels by Rs 697.05 crore or 151.58 per cent. Overall, cumulative provisional winning price exceeded the total reserve price of the first batch i.e. Rs 550.18 crore by Rs 606.72 crore or 110.27 per cent.
Over 71 per cent of channels of the first batch were provisionally won by bidders. Cities like Guwahati, Bhubaneshwar and Jodhpur witnessed robust bidding activity with provisionally won price being as high as 800 per cent over reserve price for their channels. Overall, 18 cities got provisionally won bidders for their channels at prices more than double the respective reserve prices
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