ValueLabs, a Hyderabad-based software development firm, has teamed up with NDTV Ltd and Astro, a Malaysian media firm, to acquire the three FM radio stations owned by Living Media Ltd, ValueLabs CEO Arjun Rao said in Hyderabad on Wednesday.
"The associate companies of ValueLabs and Astro of Malaysia, through their existing Indian joint ventures, have partnered NDTV News (a subsidiary of NDTV) to acquire Radio Today (Mumbai) Broadcasting Ltd, Radio Today (Delhi) Broadcasting Ltd and Radio Today (Kolkata) Broadcasting Ltd from the Living Media," Mr Rao said. The three radio companies hold licences for FM radio broadcasting in Mumbai, Delhi and Kolkata respectively, under the brand name of Red FM. "We have had a long association with Astro, which in turn has been associated with NDTV. We decided to buy out the three FM radio assets, because we believe the time is right to invest in FM radio properties in India. Radio will be a big business in India in the future," Mr Rao said.
Financial details of the deal were not disclosed.Mr Rao said the managment team of Red FM would be retained. "Only the ownership of the stations has changed, and we believe the current management team should continue," he said. Asked who among the three owners had a majority stake in Red FM, Mr Rao declined comment.
"The associate companies of ValueLabs and Astro of Malaysia, through their existing Indian joint ventures, have partnered NDTV News (a subsidiary of NDTV) to acquire Radio Today (Mumbai) Broadcasting Ltd, Radio Today (Delhi) Broadcasting Ltd and Radio Today (Kolkata) Broadcasting Ltd from the Living Media," Mr Rao said. The three radio companies hold licences for FM radio broadcasting in Mumbai, Delhi and Kolkata respectively, under the brand name of Red FM. "We have had a long association with Astro, which in turn has been associated with NDTV. We decided to buy out the three FM radio assets, because we believe the time is right to invest in FM radio properties in India. Radio will be a big business in India in the future," Mr Rao said.
Financial details of the deal were not disclosed.Mr Rao said the managment team of Red FM would be retained. "Only the ownership of the stations has changed, and we believe the current management team should continue," he said. Asked who among the three owners had a majority stake in Red FM, Mr Rao declined comment.