Friday, 29 May 2015

Jagran Prakashan receives approval from MIB for Radio City acquisition

Information and Broadcasting (I&B) ministry has given approval to Jagran Prakashan, India's leading media and communications group to acquire Radio City. 
In its statement to BSE the group said, “With reference to the earlier letter dated December 16, 2014 regarding share purchase agreement entered by the Company on December 16, 2014 with the owners of Music Broadcast Private Limited (MBPL) for acquisition of Radio City, which was subject to approval from Ministry of Information Broadcasting(MIB), Jagran Prakashan Ltd has now informed BSE that as communicated by MBPL, the approval of MIB has been received for the same vide letter dated May 28, 2015."
Jagran Prakashan had entered into an acquisition deal with Radio City in last December and since then it has been waiting for ministry approval.


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