New Delhi, Jan 9 (IANS): Media company TV Today Network Ltd. announced on Thursday that its Board of Directors have approved a proposal to shut down the loss-making FM Radio Broadcasting operations of the company, comprising three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM.
The radio business, which recorded a loss of Rs 19.53 crore in the financial year ended March 2024, will be closed any time between one to six months, the company disclosed.
“Pursuant to the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), including Regulation 30, this is to inform you that the Board of Directors of T.V. Today Network Limited, at their meeting held today, i.e., January 09, 2025, has inter alia approved the closure of FM Radio Broadcasting operations of the Company (comprising of three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM) subject to regulatory approvals, if any, and fulfilment of other compliances as may be required. The Radio business is expected to be closed in nearly one to six months,” TV Today said in a regulatory filing.
Explaining the reasons for the closure, TV Today said, "Given the state of the industry, its dynamics and evolution of FM Radio Broadcasting business, the Board of Directors considered it in the better interest of the Company to close this business instead of continuing the same."
Turnover of Radio Business in FY 2023- 24 was Rs 16.18 crore. This was 1.70 per cent of the total turnover of TV Today Network for the said year. The net worth contributed by Radio Business included a loss of Rs 19.53 crore for FY24, the company said in its filing.
Ishq 104.8 FM, earlier functioning as Meow FM and OYE FM, is a romantic music radio channel broadcasting in Delhi, Mumbai, and Kolkata. Initially launched as Meow FM, the channel was a talk-based station targeted mainly female audience.
Stocks of TV Today Network Ltd were trading at Rs 218.05 on the BSE on Thursday.