Sun TV Buys 48.9Pc Stake In Red FM

Coimbatore: Sun TV Network Ltd, in an effort to expand its FM radio broadcasting business in the North, West and Eastern markets in the country, has forayed into a strategic partnership with Red FM, which has a significant presence in those markets. Sun TV, via its subsidiary South Asia FM Ltd (SAFL), has acquired a 48.9 per cent beneficial interest in Red FM by acquiring equity of the holding companies of Red FM at par. The promoters of Red FM will continue to hold 51.1 per cent. SAFL owned 23 FM radio licenses all over India (except the southern States of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala). Red FM operates three radio stations in Mumbai, Delhi and Kolkata and is the no. 2 player in two of the largest FM radio markets in the country Mumbai and Delhi. Sun TV said the partnership would enable it to boost its presence in the fast growing radio market in the country.