TV Today Network shares soar 8% after co shuts Radio FM 104.8 biz

Shares of TV Today Network were in demand on Thursday, after the company's board approved closure of FM radio broadcasting operations of the company

Shares of TV Today Network were in demand after the company’s board approved closure of FM radio broadcasting operations of the company comprising three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM. 

 

TV Today Network share price surged 7.5 per cent at Rs 713.55 per share on the BSE in Thursday’s intraday deals. 

 

The company in an exchange filing said that the radio business is expected to be closed in nearly one to six months.

 

“Given the state of industry, its dynamics and evolution of FM Radio Broadcasting business, the Board of Directors considered it in better interest of the Company to close this business instead of continuing the same,” the company said in the filing. 

 

 

Turnover of Radio Business in FY 2023- 24 was Rs 16.18 Crores. This was 1.70 per cent of total turnover of TV Today Network for the said year. Net worth contributed from Radio Business included a loss of Rs 19.53 crores for FY24.  

 

Ishq 104.8 FM, formerly known as Meow FM and OYE FM, is a romantic music radio channel in India, broadcasting in major cities such as Delhi, Mumbai, and Kolkata. Initially launched as Meow FM, the channel was a talk-based station catering to Delhi, Indore, Mumbai, and Kolkata, and targeted a female audience. 

 

It gained attention for its catchy advertisements on BEST buses and introduced "Meri Meow," a social network for its fans. In September 2010, the channel rebranded to OYE FM and shifted its programming to a filmi format. In December 2016, it was rebranded again to its current identity, Ishq 104.8 FM, under the India Today Group.

 

TV Today Network has a total market capitalisation of Rs 1,297.20 crore. Its shares are trading at a price to earnings multiple of 12.94 times and at an earning per share of Rs 16.80. 

 

At 12:06 PM, the stock price of the company was trading 3.7 per cent higher at Rs 216.75 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.58 per cent to 77,698.10 level.