Saturday, 25 April 2015

MIB to settle Mirchi-Oye FM deal within 2 weeks

The selling deal of Oye FM to Entertainment Network India Ltd is ready to be settled soon as the Ministry of Information & Broadcasting (MIB) is going to take a decision within the next two weeks. Noting this, the Delhi High Court has disposed off the writ petition filed by TV Today. 
The MIB did not indicate if it would approve or deny the sale as it has not notified the migration fee to the channel. 
Migration fee is given by an operator who wants to migrate from one phase to another within five days after receiving the notification. This notification will not be issued to TV Today till the MIB takes a call on its application. 
TV Today Network filed an urgent writ petition recently in the Delhi High Court to expedite the matter of selling off Oye FM to Radio Mirchi and the company has been waiting to clearance from MIB since 16 February 2015. 
Oye FM is in huge loss and the paying-up migration fee for renewal of licences and bidding can be very difficult for the channel as the entire amount has to be paid in advance. 
Moreover, with the MIB notifying the partial auctions for the additional frequencies, it has less time to complete the transaction. Once the auctions start, TVTN will have to pay the migration fee for all seven stations despite the sale, which might create further problems.
Sourcehttp://cablequest.org/news/m-s-news/item/6857-mib-to-settle-mirchi-oye-fm-deal-within-2-weeks.html

Source: http://cablequest.org/news/m-s-news/item/6857-mib-to-settle-mirchi-oye-fm-deal-within-2-weeks.html

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