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News |  28 Nov 2008 16:59 |  By RnMTeam

HT Media board approves Fever demerger

MUMBAI: HT Media, which runs FM station Fever 104, has approved a proposal for the demerger of its radio business from its subsidiary HT Music and Entertainment Company Ltd (HTME).

In a notice to the Bombay Stock Exchange, the company on Friday said that the Board of Directors of the company has approved the demerger of radio business of HT Music and Entertainment Company (HTME), a subsidiary company and vesting thereof into HTML.

HTME operates its radio business in the name of Fever 104 FM, a collaboration between HT Media and Virgin Radio  The scheme of arrangement is subject to regulatory approval, according to the filing.

For the financial year ended 31 March 2008, HT Media had reported a 26 per cent growth in its profit after tax at Rs 1.44 billion.

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