To sell its four radio stations in Jodhpur, Amritsar, Patiala and Shimla
T.V. Today Network announced that the Committee of Senior Officials at a meeting held on 11 September 2015 and the Board through Resolution by Circulation noted that pursuant to receipt of an approval from the Ministry of Information and Broadcasting (MIB), Government of India in the month of July 2015; the receipt of which (MIB Approval) has already been intimated to the stock exchange, the Company has now entered into a binding business transfer agreement with Entertainment Network (India) on 11 September 2015 for sale of its four radio stations in Jodhpur, Amritsar, Patiala and Shimla for a purchase consideration of Rs 4 crore, subject to closing net working capital adjustments. Further, Entertainment Network (India) shall also pay migration fees to the Ministry of Information & Broadcasting for migration of the aforesaid four stations from Phase II to Phase III.Since, the Company's core area of business is television news broadcasting; the Company is undertaking the sale of aforesaid four radio stations on slump sale basis. During the financial year 2014-15, the total turnover of the above referred four radio stations was Rs 3.96 crore, equivalent to 0.80% of the total turnover of the Company. The said sale shall be subject to fulfillment of conditions specified by the Ministry of Information and Broadcasting, execution of relevant documents with Entertainment Network (India) and completion of all other relevant formalities. Entertainment Network (India) is a leading company in the field of operating radio stations. Since Entertainment Network (India) is a part of the Times of India group and accordingly the transaction does not fall within the ambit of a related party transaction.
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