New Delhi [India], May 17 : Sapphire Media limited has completed the acquisition of FM Radio station, BIG 92.7 FM.
Big 92.7 FM, previously owned by Reliance Broadcast Networks Limited and was under corporate insolvency resolution process since February 2023. Rohit Mehra was appointed as the resolution professional.
Sapphire Media Limited has received all the statutory approvals to take over the board and management control of Radio Big 92.7 FM from the Ministry of information and Broadcasting. It is said to have made the payment of dues to the committee of creditors of Reliance Broadcast Networks Limited within the stipulated timelines as per the approved resolution plan.
Earlier The National Company Law Appellate Tribunal (NCLAT) principal bench & NCLT Mumbai Bench had approved the resolution plan submitted by Sapphire Media Limited in its order dated Dec 23, 2024 and May 6, 2024 respectively rejecting the various objections from the competitors like Radio Orange and others.
Radio Big 92.7 FM is one of the largest radio networks in the country with 58 stations and a reach of over 1,200 towns and 50,000 plus villages. The brand will reinforce Sapphire Media's aggressive expansions plans in ever evolving tech driven digital content creation and broadcasting space.
Radio Big 92.7 FM, known for its rich legacy, diverse programming, and deep connection with 340 million listeners across India, will now be infused with fresh energy and innovation under Sapphire Media's dynamic leadership.
This acquisition follows the successful launch of India Daily 24X7, Sapphire Media's 24x7 Hindi news channel, which has quickly earned recognition for credible journalism and a modern approach to news. The group also runs one of India's largest outdoor advertising networks, creating unmatched synergy between TV, radio, print, Digital and outdoor media.
Sapphire Media is promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha. Sapphire Media Limited strives to become a content and media conglomerate with this acquisition and would become one of the few leading names in the space.
DISCLAIMER: The above press release has been provided by Sapphire Media.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor