The Anil Ambani-led media and entertainment firm Reliance Media World today said it will be re-christened as Reliance Broadcast Network soon even as the company finalises its plans to get into new segments.
"We have already received the board approval for renaming and are now awaiting regulatory approvals, after which we will be known as Reliance Broadcast Network. We are expecting the approvals over the next 15 days," Reliance Media World chief executive Tarun Katial told reporters in Mumbai on Wednesday.
The company that launched its business with its marquee brand Big FM in 2006, intends to build a multi-media entity by entering into new media verticals. It has also recently launched three new verticals--Big Street (out-of-home media), Big Live (experiential marketing) and Big Digital (mobile and online space).
When asked whether the name change is an indication of the company getting into the general entertainment space in association with the US-based media conglomerate CBS as reported recently, Katial said the company would not comment on any speculation.
"We will not like to comment on any media speculation. But yes, we are planning to enter the television space soon. We plan to make an announcement in this regard in the next 10-15 days," Katial said.
Asked about the fund-raising plans, Katial said, "we have got the board approval to raise funds through various options like QIP, preferential shares or private equity." Katial, however, did not divulge any further details.
He said most of the funds raised will be used to retire debt while a part would go towards its operational expenditure and organic as well as inorganic expansion.
Reliance MediaWorld that was listed in December 2009 is also eyeing a break-even in the current fiscal. The company had ended this financial year with a net loss of Rs 76 crore. However, its total turnover stood at Rs 180 crore. The company also said it is likely to hike its ad rates by 10-15 per cent.
"Last year was tough but some amount of confidence is back in sectors such as automobiles, FMCG and retail. The ad spends of these companies have also gone up. So we plan to hike our ad rates...we can push through by 10-15 per cent," Katial said, adding the new card rate will be out by the next quarter.
On phase III FM auctions, Katial said the auction is likely to start in August. The company is looking at getting 90-100 licenses, he added.