Music Broadcast rises on report of deal with Reliance Broadcast

Music Broadcast

27/05/2019 06:21

** Indian radio station operator Music Broadcast Ltd's
 MUSI.NS  shares rise as much as 6.4% to 61.6 rupees, touching
nearly 8-week high
    ** Co, owned by newspaper publisher Jagran Prakashan Ltd
 JAGP.NS , is set to buy Anil Ambani-owned Reliance Broadcast
Network for 12 bln rupees ($172.78 million), The Economic Times
(ET) reports  urn:newsml:reuters.com:*:nL4N2330Q5
    ** Jagran Prakashan, which publishes Hindi daily Dainik
Jagran, one of India's most widely circulated newspapers, will
buy Reliance Broadcast Network via Music Broadcast, ET reports
    ** Jagran Prakshan's shares are up 2.6%
    ** Reliance Broadcast Network owns the radio station Big FM,
while Jagran Prakashan runs Radio City network
    ** Co on Friday terminated https://www.bseindia.com/xml-data/corpfiling/AttachHis/1d5d8924-612a-4339-a5f2-84a4a0cef626.pdf
 acquisition of radio business of smaller rival Ananda Offset
Private Limited
    ** Uncertainty of regulatory approval for deal led to
termination, co said
    ** Shares are down 7.8% this year, as of last close

($1 = 69.4525 Indian rupees)

 (Reporting by Derek Francis in Bengaluru)
 ((derek.francis@thomsonreuters.com; +91-9986311363; Tweet to
@derekfrancis089 LinkedIn: https://www.linkedin.com/in/derek-francis/;))