Jagran Prakashan Limited (JPL) on 16 December 2014 announced to acquire Music Broadcast Private Ltd (MBPL) in all cash deal. MBPL operates the popular Radio City FM station. The amount of the deal was not disclosed.
As part of the acquisition, the company is acquiring MBPL’s holding company and fellow subsidiary that provides activations.
Acquisition of Radio City will further consolidate the position of JPL in India’s leading media and communications group. Radio business will complement JPL print, outdoor activation and digital business and enable deeper inroads with advertisers both at national and local level.
The radio business, which has witnessed significant growth in recent past, is expected to grow at more than 18 percent Compounded Annual Growth Rate (CAGR) in the coming years.
JPL is a leading publication group which runs leading Hindi daily Dainik Jagran. Apart from Dainik Jagran, the group’s publications include Midday, Naiduniya, I-Next, City Plus and Punjabi Jagran.
Chairman and Managing Director of Jagran Prakashan is Mahendra Mohan Gupta.
About Radio City
Radio City operates 20 FM stations in seven states. It has presence in cities such as Delhi, Mumbai, Chennai, Bengaluru, Lucknow, Hyderabad and Vishakhapatnam and has a listener base of 10.8 million.
It is India's first private FM radio station and was started on 3 July 2001. In 2010, Radio City launched its first web radio station Radio City Fun Ka Antenna and now they have 13 web radio stations.
Apurva Purohit is the Chief Executive Officer (CEO) of the company.
When: 16 December 2014