MUMBAI: Last week, TV Today's board approved the sale of its Radio segment-Oye FM. On 13 February, TV Today Network Ltd informed BSE that the Company had entered into a non-binding memorandum of understanding with ENIL (Entertainment Network India Limited).
Commenting on the M&A, ENIL managing director and CEO Prashant Panday told Radioandmusic.com, "It fits into ENIL’s expansion plans under Phase III."
He also confirmed that ENIL will participate in the Phase III auctions. Panday said, "The acquisition is only a piece of the overall expansion strategy. We will continue to participate in Phase III auctions. The maximum limit imposed under Phase III is 56 frequencies."
After the committee meeting, TV Today Network Ltd had informed BSE that the Committee of senior officials at a meeting held on February 13, 2015, noted that the Company had entered into a non-binding memorandum of understanding with Entertainment Network (India) Limited, in relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited subject to fulfilment of the contractual obligations (which may be agreed between the parties) and receipt of all necessary regulatory approvals including permissions from the Ministry of Information and Broadcasting, Government of India.
