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Music Broadcast Ltd (MBL), which owns Radio City is acquiring Reliance Broadcast Network, which houses private FM brand Big FM, in a two-part deal for Rs 1,050 crore.
Khaitan & Co acted for Music Broadcast Ltd.
Phoenix Legal acted for Reliance Capital group and the team was led by Mumbai Partner Siddharth Hariani along with Delhi Senior Associate Akshay Sachthey.
MBL owns rival FM brand Radio City, which operates 39 stations. Big FM has 58 operational stations, out of which MBL will acquire 40 as under the grant of permission agreement (GOPA) of the Information and broadcasting ministry. MBL cannot buy remaining 18 stations, which operate in Radio City’s existing cities, reported ET.