India’s TV Today Network Limited, part of the India Today Group, has entered into a Memorandum of Understanding with Creative Channel Advertising and Marketing for the proposed sale of its FM radio broadcasting operations.

The Rs 20 crore ($2.3 million) deal involves three FM radio stations broadcasting on the 104.8 frequency in Mumbai, Delhi and Kolkata.

The transaction structure includes an initial payment of Rs. 10 crore ($1.15 milllion) upon MoU execution, with the remaining amount due at closing, subject to regulatory approvals from the ministry of information & broadcasting.

During the transition period, Creative Channel will serve as TV Today’s advertising sales agent, selling the network’s airtime.

The radio business turnover was at Rs 16.18 crore ($1.85 million) and registered a loss of Rs 19.53 crore ($2.24 million) in the financial year ended March 2024 – representing merely 1.7 per cent  of TV Today Network’s total revenue.

The board of directors had initially resolved on January 9 to shutter the radio division entirely before receiving interest from potential buyers.

Creative Channel, established in 1991, specialises in television broadcasting, advertising and programming.

The transaction is expected to conclude by 31 January 2026, marking TV Today’s strategic exit from the challenging FM radio sector amidst evolving industry dynamics.