Entry in one of the Top 5 Radio Markets in the Country!
Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, is pleased to announce that its board approved the acquisition of the radio division of Ananda Offset Private Limited by way of slump sale.
• Strategic Rationale:
The transaction allows MBL to enter into the Kolkata market which is one of the top 5 markets in the country
Friends FM is an established brand since the last 10 years
Focus is to untap the large potential from national advertisers
MBL has had a sales alliance with AOPL since the last 5 years
Transaction is expected to be value accretive and help in improving the EBITDA margins
• Transaction Details:
Under the terms of the agreement MBL will acquire 100% ownership of the radio division of AOPL, subject to MIB approval .
The transaction is by way of slump sale on a going concern basis
Commenting on the results Ms. Apurva Purohit, Director said: “We are happy to announce that the board today approved the acquisition of the radio division of Ananda Offset Private Limited (AOPL). This acquisition gives us access in the Kolkata market which is considered as one of the top 5 markets in the country which was earlier not present in our bouquet. I am very confident that the coming together of strong and established brand like ‘Friends FM’, the high quality local team it has and our national footprint across all key cities in India will give us several opportunities to create EPS accretive synergies.
