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MUMBAI:
HT Media Ltd. has got the nod from the Delhi High Court to
go ahead with the demerger of the radio business from its
subsidiary HT Music and Entertainment.
The
Scheme of Arrangement and Restructuring, to be effective from
1 January, 2009, will now have to obtain government and other
regulatory clearances.
The
radio business, which operates under the Fever FM brand, will
be merged with HT Media, a move that will save taxes for the
company. As first reported in Indiantelevision.com, the radio
business has an accumulated loss of close to Rs 1 billion.
Divested
from the radio operations, HT Music and Entertainment will,
however, continue to hold events.
Fever
FM operates in four cities - Mumbai, Delhi, Bangalore and
Kolkata.
Also
Read:
HT
Media to demerge radio biz
HT
Media's radio demerger plan in wake of losses
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