Radio Mirchi operated by Entertainment Networks India Ltd. has inked a pact to acquire the seven 'Oye FM' radio stations run by the TV Today Network. The two entities said they have entered into a "non-binding memorandum of understanding" for the proposed deal. However, financials are not disclosed.
Entertainment Networks India Ltd (ENIL) is promoted by Bennett, Coleman & Co Ltd., Part of the media group that owns newspapers like Times of India and Economic Times and TV channels including Times Now and ET Now.
On the other hand, Radio Mirchi is present in at least 32 cities including in Mumbai, Delhi and Kolkata. The proposed deal would also expand its presence to cities like Amritsar, Jodhpur, Patiala and Shimla. This comes at a time when the government has initiated a process for auction of the third phase of FM radio frequency, which was stuck for over three years.