The Delhi-based mass media company HT Media today has announced its plans for investment in its subordinate business ‘HT Music and Entertainment Company Ltd (HTME)’ with the aim to expand its FM radio business. The investment is reportedly priced up to Rs 400 crore.
The music company manages two popular radio stations in India namely Fever FM and Radio Nasha. HT Music and Entertainment Company Ltd is also engaged in the management and organization of various events and shows in the country. Apart from this, HT Media runs 19 printing facilities across the country. Along with Hindustan Times and Hindustan, the company also publishes Mint.
HTML’s revenue from the radio business increased by 35.7% to Rs158.7 crore in the financial year 2017-18, followed by new radio station launches. The operating revenue of the radio business amounted to Rs 178 crore.
HT Media Ltd said, “The Board of Directors of the company at its meeting…has approved the proposal to invest an amount up to Rs 400 crore in one or more tranches, in its wholly-owned subsidiary company namely, HT Music and Entertainment Company Ltd to fund expansion/ growth opportunities in its FM Radio business vertical.”
The mass media company is now focusing on investing funds and increasing its revenue from its subsidiaries which have shown a considerable growth in the recent times. The company that witnessed a marginal drop in net profits from its primary advertising business now seems to have a plan for growth.