Anil Ambani’s Reliance Group will sell its stake in Big FM
Reliance Broadcast Network Ltd (RBNL), which operates Big FM radio channels, to Jagran Prakashan-owned Music Broadcast Ltd (MBL) for an enterprise value of Rs 1,050 crore, a statement said Monday.
The board of MBL, which operates under the brand name of Radio City, on Monday approved the acquisition of RBNL, a Reliance Group company.
Meanwhile, Reliance Capital and Reliance Land (part of the Reliance Capital Group) announced to divest their equity stake in RBNL to MBL, which would help them to reduce their loan burdens, the statement said.
This deal will make MBL, which currently operates 39 channels, the largest private FM Channel operator.
RBNL has 58 stations. Only 40 RBNL FM stations, which are part of the transaction, will be transferred to MBL. So, post the deal, MBL will...