Latest news with #SapphireMedia
Entrepreneur
19-05-2025
- Business
- Entrepreneur
Sapphire Media Acquires Big 92.7 FM
The National Company Law Appellate Tribunal (NCLAT) and NCLT Mumbai had earlier approved the resolution plan submitted by Sapphire Media in December 2024 and May 2024 respectively, dismissing objections raised by competitors, including Radio Orange. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Sapphire Media Limited has successfully acquired the popular FM radio network, BIG 92.7 FM, marking a significant move in India's media landscape. Previously owned by Reliance Broadcast Networks Limited, BIG FM was undergoing a corporate insolvency resolution process since February 2023, with Rohit Mehra serving as the resolution professional. The acquisition was formalised after Sapphire Media received all statutory approvals from the Ministry of Information and Broadcasting, enabling it to take over board and management control. As part of the approved resolution plan, the company cleared all dues to the committee of creditors within the stipulated timelines. The National Company Law Appellate Tribunal (NCLAT) and NCLT Mumbai had earlier approved the resolution plan submitted by Sapphire Media in December 2024 and May 2024 respectively, dismissing objections raised by competitors, including Radio Orange. BIG 92.7 FM, with 58 stations and presence in over 1,200 towns and 50,000 villages, stands as one of the largest radio networks in India. Under Sapphire Media's leadership, the network aims to merge its legacy of diverse programming and strong audience engagement with fresh innovation and digital synergy. This acquisition comes on the heels of the successful launch of Sapphire Media's 24x7 Hindi news channel, India Daily 24X7, and adds to its growing portfolio which includes a vast outdoor advertising network. Together, these platforms strengthen the group's integrated media strategy spanning TV, radio, digital, print, and outdoor media. Founded by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha, Sapphire Media aims to emerge as a leading content and media conglomerate in India. The acquisition of BIG FM is a strategic leap towards that vision, reinforcing its aggressive expansion in content creation and broadcasting.
&w=3840&q=100)
Business Standard
17-05-2025
- Business
- Business Standard
Sapphire Media completes acquisition of Big FM 92.7 after NCLT approval
Sapphire Media Limited has completed the acquisition of debt-ridden Reliance Broadcast Network, which owns Big FM 92.7, through the insolvency process. Reliance Broadcast Network Ltd (RBNL) was going through the Corporate Insolvency Resolution Process since February 2023. Sapphire Media is promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha. It has received all the statutory approvals to take over the board and management control of Big FM 92.7 from Ministry of Information & Broadcasting, according to a statement. Besides, it is said to have made the payment of dues to the lenders' body, the Committee of Creditors (CoC) of RBNL, within the stipulated timelines as per the approved resolution plan. On December 23, 2024, appellate insolvency tribunal NCLAT rejected the petitions filed by other competitors and upheld the order passed by the National Company Law Tribunal approving Sapphire's resolution plan. On May 6, 2024, the Mumbai bench of NCLT had granted its nod to Sapphire's resolution plan, rejecting various objections from competitors like Radio Orange and others. The acquisition of Big FM 92.7, one of the largest radio networks of the country with 58 stations with reach of over 1,200 towns and 50,000+ villages, will help Sapphire Media's expansion as it strives to become a content and media leader. "The brand will reinforce Sapphire Media's aggressive expansions plans in ever evolving tech driven digital content creation and broadcasting space. Radio Big 92.7 FM, known for its rich legacy, diverse programming, and deep connection with 340 million listeners across India, will now be infused with fresh energy and innovation under Sapphire Media's dynamic leadership," it said. This acquisition follows the launch of India Daily 24X7, Sapphire Media's 24x7 Hindi news channel. Besides, the group runs one of India's largest outdoor advertising networks. CIRP against RBNL was initiated on February 24, 2023, after an application by IDBI Trusteeship Services, a financial creditor was admitted. Six resolution plans were submitted, in which Sapphire Media's bid of Rs 261 crore was selected by the CoC with 88.97 per cent vote share.
Time of India
17-05-2025
- Business
- Time of India
Sapphire Media completes acquisition of Big FM 92.7
Sapphire Media Limited has completed the acquisition of debt-ridden Reliance Broadcast Network, which owns Big FM 92.7 , through the insolvency process. Reliance Broadcast Network Ltd (RBNL) was going through the Corporate Insolvency Resolution Process since February 2023. Sapphire Media is promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha . It has received all the statutory approvals to take over the board and management control of Big FM 92.7 from Ministry of Information & Broadcasting, according to a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Besides, it is said to have made the payment of dues to the lenders' body, the Committee of Creditors (CoC) of RBNL, within the stipulated timelines as per the approved resolution plan. On December 23, 2024, appellate insolvency tribunal NCLAT rejected the petitions filed by other competitors and upheld the order passed by the National Company Law Tribunal approving Sapphire's resolution plan. Live Events On May 6, 2024, the Mumbai bench of NCLT had granted its nod to Sapphire's resolution plan, rejecting various objections from competitors like Radio Orange and others. The acquisition of Big FM 92.7, one of the largest radio networks of the country with 58 stations with reach of over 1,200 towns and 50,000+ villages, will help Sapphire Media's expansion as it strives to become a content and media leader. "The brand will reinforce Sapphire Media's aggressive expansions plans in ever evolving tech driven digital content creation and broadcasting space. Radio Big 92.7 FM, known for its rich legacy, diverse programming, and deep connection with 340 million listeners across India, will now be infused with fresh energy and innovation under Sapphire Media's dynamic leadership," it said. This acquisition follows the launch of India Daily 24X7, Sapphire Media's 24x7 Hindi news channel. Besides, the group runs one of India's largest outdoor advertising networks. CIRP against RBNL was initiated on February 24, 2023, after an application by IDBI Trusteeship Services, a financial creditor was admitted. Six resolution plans were submitted, in which Sapphire Media's bid of Rs 261 crore was selected by the CoC with 88.97 per cent vote share.
