Leading media group Jagran Prakashan Ltd on Thursday said it has completed the acquisition of Music Broadcast Pvt Ltd, which operates the popular Radio City FM stations.
"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.
"This acquisition further consolidates our position as India's leading media and communication conglomerate and strengthens our portfolio of leading media brands," he added.
JPL runs leading Hindi daily Dainik Jagran and had said on December 16 last year that it would acquire Music Broadcast in an all-cash deal. Gupta said that over the years Radio City has successfully established a strong foundation and has delivered strong financial results.
"In FY 2014-15 Radio City has delivered much higher profits than what we considered while pricing... I am confident that Radio City will continue to generate robust cash flow and add significant value for the shareholders of the company," he added.
Apart from Dainik Jagran, the group's publications include Midday, Naiduniya, I-Next, City Plus and Punjabi Jagran.
Radio City operates 20 FM stations in seven states. It has presence in metros as Delhi, Mumbai, Bengaluru and Lucknow and has a listener base of 10.8 million.
Music Broadcast had a revenue base of Rs 209.40 crore in FY 2014-15 with a growth of over 30 percent from last year.
Jagran Prakashan stock closed at Rs 113.50, down 3.03 percent, on the BSE.
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