New Delhi [India], November 20: From frontrunner in race to the final winner, Haryana-based Sapphire media Limited has won the bid for Iconic radio network BiG 92.7 FM leaving radio Mirchi behind.
Big FM was going through an insolvency process since Feb 2023.
As per sources, Bid of Sapphire Media Limited has been approved by a committee of creditors of Big 92.7 Fm owner reliance broadcast networks limited. The acquisition of Big FM aligns seamlessly with Sapphire Media's business strategy to delivering high-quality content and engaging experiences to a diverse section of audience, a source familiar with the developments said. This strategic move marks a significant milestone in Sapphire Media's mission to further strengthen its presence in the dynamic and evolving media landscape.
The development comes close on the heels of the group making foray into news broadcasting with the launch of India Daily, a 24x7 news channel in the highly competitive Hindi news genre.
Sapphire is promoted by Kaithal, Haryana based businessman Sahil Mangla and media professional turned entrepreneur Aditya Vashistha.
The acquisition by Sapphire Media is expected to inject fresh energy into Big FM. As country's largest radio network with 58 stations and reaching out to over 1,200 towns and over 50,000 villages, the brand will reinforce Sapphire Media's pan India presence.
Sapphire media's officials declined to comment on the same.
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