HT Media Limited (HTML) on Friday said it will demerge the radio business, known for its popular FM channel Fever 104, from its subsidiary HT Music and Entertainment Company and merge it with itself.
The Board of HT Media approved the decision at a meeting held on Friday. “The Board has approved a proposal for transfer of radio business of its subsidiary company to itself, under a scheme of arrangement and restructuring,” a company statement said.
The scheme of arrangement is subject to regulatory approval, which will take four to six months’ time.
This move is driven to enable HT Media to reach advertisers with offerings of bundled advertising options in the print, internet and FM Radio in order to attain larger share of advertising spend and derive the benefit of operational synergies, the statement said.
“Since, HT Media in any case has been meeting the requirement of funds of radio business from time to time by inducting capital, the proposed transfer will not alter the funding pattern,” the statement said.