TV Today Network, part of India Today group, entered into a add promotion Sales Agreement with Entertainment Network India (ENIL) for managing their advertisement campaigns in their three FM stations in New Delhi, Mumbai, and Kolkata, said the company.
Following the agreement ENIL has been appointed as the agent of TVTN to facilitate sale of TVTN’s airtime to third parties who wish to advertise using TVTN’s airtime, added the company.
The announcement comes after the government of India allowed TV Today to sell its FM radio stations in Amritsar, Jodhpur, Patiala and Shimla to ENIL, but rejected similar sale agreements for its stations in Delhi, Mumbai and Kolkata.
The three applications were rejected as Entertainment Networks India Ltd (ENIL) — part of the Times of India group — already has radio licenses in those cities.
In February last year, India Today Group said it would sell its seven FM radio stations to the Times of India Group’s Entertainment Network India Ltd, which runs the Radio Mirchi chain of stations.
TV Today runs the seven FM radio stations under the Oye! 104.8 FM, Sabse Filmi brand.
ENIL is one of the biggest radio chains in the country, with its extensive Radio Mirchi network.
TV Today clarified that no company shares are being issued to any of the parties following the agreement and confirmed that TVTN does not hold any shares in ENIL.