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HT Media board approves demerger of radio business

HT Media board approves demerger of radio business
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First Published: Fri, Nov 28 2008. 03 30 PM IST
Updated: Fri, Nov 28 2008. 03 30 PM IST
PTI
Mumbai: HT Media today said it will demerge the radio business, known for its FM channel Fever 104, from its subsidiary HT Music and Entertainment Company and merge it with itself.
The board has approved the demerger of radio business of HT Music and Entertainment Company (HTME), a subsidiary company and vesting thereof into HTML, the media conglomerate said in a filing to the Bombay Stock Exchange.
“The company is demerging its radio business from HTME and merging it to HT Media,” a company spokesperson said.
HTME operates its radio business in the name of Fever 104 FM. The radio station is a collaboration between HT Media and Virgin Radio.
Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company also publishes Mint, while it also has presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd.
However, the scheme of arrangement is subject to regulatory approval, the filing added.
For the financial year ended 31 March 2008, HT Media had reported a 26% growth in its profit after tax at Rs144.60 crore.
HT Media was trading at Rs68.70, up 1.03% in late afternoon trade on the BSE.
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First Published: Fri, Nov 28 2008. 03 30 PM IST