The share price of the leading Publication house, Jagran Prakashan Ltd. witnessed a hike soon after it announced the acquisition of the popular FM station Radio City. The company in their board meeting on Dec. 16, 2014 had approved the entry of the company into the radio industry via acquisition of Music Broadcast Private Ltd. (MBPL) that operates the popular FM station Radio City. JPL runs leading dailies like- Dainik Jagran Midday, Naiduniya, I-Next, City Plus and Punjabi Jagran.
"We are delighted to announce that Radio City has now become a part of Jagran Prakashan Ltd. The acquisition marks JPL's foray into the high growth radio industry and catapults the company to a leadership position in the radio segment of the media industry," said Jagran Prakashan CMD Mahendra Mohan Gupta. He further added that the acquisition will strengthen the company’s position as India's leading media and communication conglomerate. The acquisition will also generate robust cash flow and add significant value for the shareholders of the company, he added.
On Friday morning JPL was trading at Rs 114.20, up Rs 0.7, at the Bombay Stock Exchange.