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Radio Mirchi to manage ad sales of TV Today-owned Oye FM
MUMBAI: Entertainment Network India Ltd (ENIL) will manage the ad sales of TV Today Network’s three FM radio stations, including New Delhi, Mumbai and Kolkata, from 1 September.
TV Today Network has entered into an advertising sales agreement (ASA) with ENIL for this purpose.
Pursuant to the ASA, TV Today has agreed to appoint ENIL as an agent to facilitate the sale of airtime to third parties.
TV Today operates FM radio stations under the Oye brand, while ENIL runs its radio operations under Radio Mirchi brand.
The transaction with ENIL would not fall within the purview of related party transactions as it is not related to promoter/promoter group/ group companies in any manner, said the company. It also said that there is no potential conflict of interest due to the agreement as no nominees have been appointed on the board of TV Today based on this agreement.
Incidentally, the sale of these three radio stations by TV Today to ENIL has been stalled by the Ministry of Information & Broadcasting (MIB) due to an overlap with Radio Mirchi stations in Mumbai, Delhi and Kolkata.
The ministry had, however, allowed the sale of TV Today-owned Oye FM’s non-metro stations in Jodhpur, Amritsar, Patiala and Shimla to ENIL. The Times Group-promoted company had acquired the four stations for Rs 4 crore (Rs 40 million).
Last week, print media companies HT Media and the Dainik Bhaskar Group had decided to combine the ad sales functions of their FM radio stations Fever FM and My FM.