TV Today Network on January 9 announced the closure of its FM Radio Broadcasting operations, which consist of three FM radio stations in Mumbai, Delhi and Kolkata under 104.8 FM frequency. The firm said its board of directors has approved the closure. Once the decision receives regulatory approvals, the closure will be completed in nearly one to six months.
After the announcement, the shares of TV Today jumped over 7% in the early trading hours of December 9 to trade at around Rs 227 apiece. The stock is now 24% higher than its 52-week-low record of Rs 183.6, which it had hit in November last year. However, the shares are still nearly 26% lower than 52-week-high record of Rs 308.15. The small cap stock currently has a market capitalisation of around Rs 1,320 crore.
“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,” the company said in an exchange filing.
The channels, which were branded as ‘Ishq 104.8 FM’, claimed to be India’s first romantic radio stations.
TV Today Network said the turnover of its radio business in FY 2023-2024 stood at Rs 16.18 crore, which was 1.7% of the total turnover of the company. The radio business also contributed to losses worth Rs 19.53 crore for the company in that financial year.
TV Today also owns several news channels, including India Today, as well as multiple newspapers.
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