The board of Jagran Prakashan has approved the company's entry into the radio industry via the acquisition of Music Broadcast Private Limited (MPCL). MPCL runs radio channel Radio City.
The acquisition is subject to regulatory approvals from the Ministry of Information and Broadcasting and execution of binding agreements.
Mahendra Mohan Gupta, CMD, Jagran Prakashan, said, "The radio business has witnessed significant growth in the recent past and is expected to grow at 18 per cent CAGR in the coming years, per KPMG FICCI. The deal will catapult JPL in a leadership position in the radio industry and enable the company to benefit from the rapid growth in radio advertising. Acquisition of Radio City further consolidates our position as India's leading media and communications group. The radio business will complement our print, outdoor, activation and digital businesses and enable deeper inroads with advertisers both at national and local level."
A release from Jagran informed that the acquistion will primarlily be funded from internal accruals and investments.
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