At its board meeting on January 9, the TV Today Network received approval from its Board of Directors to discontinue its radio business. The network currently operates three FM radio stations under the 104.8 FM frequency in Mumbai, Delhi, and Kolkata.
In a regulatory filing, the company mentioned, “The Board of Directors of TV Today Network has inter alia approved the closure of FM Radio Broadcasting operations of the Company (comprising three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM) subject to regulatory approvals, if any, and fulfilment of other compliances as may be required. The Radio business is expected to be closed in nearly one to six months.”
“Given the state of industry, its dynamics and evolution of FM Radio Broadcasting business, the Board of Directors considered it in better interest of the company to close this business instead of continuing the same,” it added.
In a regulatory filing, the company mentioned that the turnover of radio business in FY 2023-24 was Rs 16.18 crore. This was 1.70% of total turnover of TV Today Network for the said year.
Net worth contributed from radio business: Loss of Rs 19.53 crore for FY 2023-24.
