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Deal called off due to delay in receiving approval from MIB
13 Apr, 2021 - 02:25 PM IST | By indiantelevision.com Team
MUMBAI: Jagran Prakash s Music Broadcast, which owns and operates Radio City, has terminated its deal with Reliance Broadcast Network Ltd (RBNL) for the acquisition of Big FM. The Rs 1,050-crore deal has been called off as both parties have not received approval from the ministry of information and broadcasting (MIB).
It was in 2019 that Music Broadcast entered into definitive agreements with Reliance Capital, Reliance Entertainment Networks, and Reliance Broadcast Network. As the long stop date under the definitive agreements has expired, the acquisition deal between the parties also gets terminated.