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.
This will not be the first time that TV Today Group will engage in selling a radio property. In 2006, when the industry was on the verge of moving from Phase I to Phase II expansion, it sold off its stake in RED FM to a consortium, which included Value Lab and NDTV. Sun TV later picked up majority stake in RED FM
The decision comes after the 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, Rs 2.90 crore in Q3'14 and Rs 1.80 crore in Q2'15