TV Today finds new buyer for Ishq FM, seals MoU with Abhijit Realtors after CCAMPL exit

TV Today Network has found a new buyer for its loss-making FM radio business after its earlier deal with Creative Channel Advertising and Marketing Pvt. Ltd. (CCAMPL) fell through. The broadcaster has disclosed that it will now enter into a Memorandum of Understanding (MoU) with Abhijit Realtors and Infraventures Pvt. Ltd. for the sale of its three Ishq FM stations, marking a renewed attempt to divest a unit that has been under prolonged financial strain.

According to a regulatory filing, the transaction covers the 104.8 FM stations in Mumbai, Delhi and Kolkata, and will be executed through Vibgyor Broadcasting Pvt. Ltd., a wholly owned subsidiary of TV Today Network. The deal classifies the business as a going-concern transfer and remains contingent on multiple contractual and regulatory approvals, including clearance from the Ministry of Information and Broadcasting (MIB).

The change in buyers comes after CCAMPL backed out of its earlier arrangements. In an email dated September 9, 2025, CCAMPL informed TV Today of its inability to move forward with two key agreements—a MoU for purchasing the FM business and an Advertising Sales Agreement under which it was to manage airtime sales. With this withdrawal, TV Today formally terminated all agreements with CCAMPL, ending a ₹20-crore deal structure approved earlier by its Special Committee of Directors.

TV Today had previously received MIB approval on August 20, 2025, to transfer its radio operations to Vibgyor Broadcasting as part of a restructuring exercise. The CCAMPL transaction, valued at ₹20 crore (excluding taxes), was originally expected to close by January 31, 2026, before the buyer walked away.

Abhijit Realtors steps in with a lower offer

The new proposal from Abhijit Realtors values the business significantly below the earlier CCAMPL offer. Under the latest MoU, the company will pay ₹10 crore plus applicable taxes for the three stations. Of this, ₹5 crore will be paid at the signing of the agreement, with the balance due within three months. The companies expect the transaction to close on or before May 31, 2026, with an option to extend timelines if necessary.

Abhijit Realtors, incorporated in 2007, operates across real estate, radio and entertainment. The company is not related to TV Today’s promoter group, while the internal transfer of assets between TV Today and its subsidiary Vibgyor Broadcasting will be treated as a related-party transaction conducted on an arm’s-length basis.

TV Today’s decision to sell the Ishq FM network stems from a strategic pivot toward its core operations. The FM division has been under consistent financial pressure: in FY25, it posted revenue of ₹14.16 crore, contributing just 1.41% to the group’s turnover, while recording a net loss of ₹10.54 crore.

The broadcaster’s Board, through a resolution on January 9, 2025, had approved exiting the FM radio segment after evaluating expressions of interest from potential buyers. The renewed sale agreement with Abhijit Realtors signals the company’s intent to close the chapter on a business that has struggled to remain viable amid rising costs, slow sectoral growth and intensified competition from digital audio platforms.

With the CCAMPL deal officially scrapped and regulatory permissions already under way through the Vibgyor structure, TV Today expects a smoother path to completing the sale this time—marking a crucial step in streamlining its portfolio within the India Today Group.