MUMBAI: Radio One promoters will infuse fresh capital into the company soon as they prepare to aggressively participate in bidding for new frequencies that the government is throwing open for the private sector.
Radio One, the joint venture between Next MediaWorks (earlier Mid-Day Multimedia) and BBC Worldwide, runs FM stations in seven cities (Delhi, Mumbai, Chennai, Kolkata, Bangalore, Ahmedabad and Pune).
The promoters will shortly infuse more funding into Next Mediaworks in order to strengthen our balance sheet and prepare for the next round of auctions. This is an exciting time for the radio industry and Radio One will be at the front of these developments,… Next MediaWorks CMD Tariq Ansari said.
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Radio One’s first-quarter loss before tax stood at Rs 11.7 million, lower by 79 per cent from Rs 57 million in the earlier year. However, Radio One clarified that it was because of one off exceptional gain….
Revenue for the first three months ended June 2011 grew 14 per cent to Rs 111.3 million, compared with Rs 97.9 million a year ago.
Said Radio One managing director Vineet Singh Hukmani, It was an exciting quarter where we have seen good growth in listenership in IRS and RAM in all our markets. Sensing the slight revenue slow down in Mumbai and Delhi, we have been able to secure regional and local revenues as planned. We have pioneered a new revenue stream in the music concert space with 7 concerts already under our belt in our various cities. With the lucrative metros already with us, breakeven within our grasp, we are looking to expand wisely into more metro towns in Phase 3 with our low cost model….
