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Music Broadcast terminates acquisition deal with RBNL

Deal called off due to delay in receiving approval from MIB

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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. 

"This is in reference to our intimation dated 12 June 2019, informing about the decision of the company to acquire Big FM. Pursuant to Regulation 30 read with Schedule III (Part A) and any other applicable provisions of SEBI listing regulations, the board of directors of the company in their meeting held on 8 April 2021 has decided not to pursue the proposed investment in Big FM and will be terminating the definitive transaction documents with immediate effect," said Music Broadcast in a filing to BSE. 

As a part of the acquisition deal, Music Broadcast had agreed to acquire a 24 per cent equity stake of RBNL by way of a preferential allotment. Later, subject to regulatory approvals, Music Broadcast would have acquired the remaining equity shares held by RBNL. 

Music Broadcast, in a statement, revealed that the termination of acquisition will not have any impact on the ongoing business operations of the company. 

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