Breaking: TV Today Network to shut its radio business in next six months
The network comprises of three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM.
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The TV Today Network in its board meeting on January 9 received approval from its Board of Directors to shut its radio business. The network comprises of three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM.
In its regulatory filing, TV Today Network informed the exchanges that the turnover of Radio Business in FY 2023-24 was Rs. 16.18 Crores which is 1.70% of total turnover of T.V. Today Network Limited for the said year. The net worth contributed from Radio Business is reported to be loss of Rs. 19.53 Crores for the FY 2023-24.
TV Today Network cited losses and state of radio industry in the country behind the reason of shutting down its radio business. "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."
