Sapphire frontrunner in the race to buy Big FM, offers Rs 251 crore
FM Radio Network Big FM, owned by Reliance Broadcast Network Limited, is close to being sold. According to sources in the industry, in an auction held recently, Sapphire Media Limited as emerged as the frontrunner. The company has placed a bid of Rs 251 crore. Radio Mirchi is also in the race to acquire the network, offering a bid of Rs 242 crore. Sources have shared that the base price for the bidding is Rs 240 crore. Big FM is undergoing bankruptcy proceedings and the matter is currently in the NCLT. No official announcement has been made yet about the bidding process. It is expected that a formal announcement will be made in the next 15 days. e4m’s sister concern samachar4media has reached out to both Radio Mirchi and Sapphire Media, but is yet to give a response.
Tags : Big FM Radio Mirchi Sapphire Media