TV Today Network To Sell Four Radio Stations To Entertainment Network

12 September, New Delhi

TV Today Network Limited has entered into an agreement to sell four its radio stations to Entertainment Network (India) Ltd for consideration of Rs four crore. TV Today Network which runs English and Hindi television channels besides FM radio stations, has decided to sell radio stations in Jodhpur, Amritsar, Patiala and Shimla , the company said in a stock filing.

Further, Entertainment Network (India) Limited shall also pay migration fees to the Ministry of Information and Broadcasting for migration of the four stations from Phase II to Phase III, it added.

The permission for transfer of these stations from the Information and Broadcasting Ministry was received in July following which the TV Today Network board approved the transaction. The company has now entered into a binding business transfer agreement with Entertainment Network (India) Limited subject to working capital adjustments.