Dear Investor,

In our quarterly update dated 10th Feb, we mentioned TV Today's board has approved the sale of their loss making Radio Business.

Its a pleasant news that they have already found a buyer and entered into an agreement to sell.

Entertainment Network (India) Ltd or ENIL, the only prominent public listed firm controlled by the media behemoth Bennett Coleman & Co Ltd (BCCL), is buying TV Today Network's Oye FM and its seven radio stations for an undisclosed amount. ENIL already owns Radio Mirchi, the largest private FM radio operator in the country, with 32 stations.
"TV Today Network Ltd has 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 fulfillment 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."
-as per BSE Filing dated 13th Feb See Here

However, we still don't have answers to the following:
1). Exact timelines due to regulatory approvals:
This doesn't seem to be an issue as per the management.
Commenting on the M&A, ENIL managing director and CEO Prashant Panday told he doesn't see any regulatory complications in this deal. ET Interview

2). The deal value:
Even if the value is low, its never a bad idea to exit a perpetually loss making business with no sign of prospects getting any better.

We will keep you posted as and when we get these updates.

Stay Put!