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BENGALURU: Entertainment Network India Limited (ENIL) has informed the bourses that it has entered into an Advertising Sales Agreement (ASA) with TV Today Network Limited (TVTN) on 24 August 2016, in relation to TVTN’s 3 (three) private FM radio stations at New Delhi, Mumbai and Kolkata. Pursuant to the ASA, TVTN has agreed to appoint ENIL as an agent of TVTN with effect from September 1, 2016 to facilitate the sale of TVTN’s airtime to third-parties who wish to advertise using TVTN’s airtime. ENIL operates stations under the brand Radio Mirchi.
Early last year, TVTN had offered to sell seven radio stations that it ran under the brand Oye FM 104.8. The company had entered into a non-binding memorandum of understanding with ENIL to sell all its seven radio stations to it subject to approvals and conditions. TVTN received approval from the Ministry of Information and Broadcasting (I&B Ministry) in July last year for sale of four of its radio stations at Jodhpur, Amritsar, Patiala and Shimla to ENIL and a binding agreement was signed between the two in September to that effect. The I&B Ministry had earlier declined its approval on the grounds that the proposed sale by TV Today Network and proposed purchase by ENIL is not in conformity with the FM radio guidelines.
