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The shareholding of Radio City and Radio One
MUMBAI: BBC Worldwide Holding owns 18.19 per cent and MD & CEO Vineet Singh Hukmani 5 per cent of Next Radio Ltd, the holding company of Radio One.
In Music Broadcast Pvt Ltd (MBPL), which operates its FM radio business under the Radio City brand, the majority is held by private equity firm India Value Fund Advisors (IVFA) while 7.18 per cent is owned by trustees of employees welfare trust—George Thomas and Sunil Theckath.
Incidentally, Crystal Sound and Music has two directors, Rajagopalan Santhanam, who is also a director at IVFA, and Satish Chander Subbanna.
It is pertinent to note in this connection that Jagran Prakashan Ltd has entered into an agreement to acquire MBPL to get the ownership of the entire business, along with its management team led by CEO Apurva Purohit. JPL is currently awaiting government approval for the same.
MBPL and Next Radio Ltd are two of the 28 applicants that have applied for the first batch of e-auction of 135 private FM radio channels in 69 cities as part of Phase III expansion.
While many of the applicants are either listed entities or new players, for the first time the shareholding patterns of the aforementioned two players have been made public.
As per information disclosed by the MIB, promoter company Next Mediaworks Ltd owns 72.24 per cent stake in Next Radio. Promoter Tarique Ansari’s Ferrari Investments and Trading Co Pvt Ltd owns a 2.49 per cent stake, while Axis Bank Ltd has 2.08 per cent. The promoters, including Ansari and his family, own 60.98 per cent stake in Next Mediaworks.
Next Radio Ltd, the holding company of Radio One, is a step-down subsidiary of listed entity Next MediaWorks.
Radio One is in the process of raising up to Rs 200 crore (Rs 2 billion) via debt and equity to fund its Phase III expansion plan. The company has decided to give its investors a flexibility to invest either in Next Radio or in the listed entity Next MediaWorks.