News Broadcasting
Entertainment Network India sets price band at Rs 144 to Rs 162 for IPO
MUMBAI: Entertainment Network India Ltd (ENIL), the company which operates FM radio broadcasting under the brand Radio Mirchi, has priced its initial public offering (IPO) at Rs 144 to Rs 162 per share.
ENIL will offer 12 million shares of Rs 10 each and has also earmarked 1.2 million shares to be issued as a green shoe option.
“It is an important milestone for us. This is the first time that we are taking any of our companies public,” Bennett, Coleman & Co LTD (BCCL) managing director Vineet Jain said in a press conference today. BCCL is the flagship company of The Times Group which is engaged in publishing newspapers and magazines, among other activities.
The issue will open for subscription on 23 January and close on 27 January.
The company aims to raise Rs 1.94 billion at the top end of the price band. If the green shoe is exercised, it will raise Rs 2.14 billion at the upper limit.
The fresh issue of equity shares will constitute 25.88 per cent of the fully diluted post-issue paid up equity capital. If the green shoe option is exercised, it will go up to 27.75 per cent.
The promoters will own 73.2 per cent stake in the company immediately upon completion of the IPO or 71.3 per cent in case the green shoe option is exercised.
Besides broadcasting FM radio channels, ENIL through its 100 per cent subsidiary runs an event management (360?) and out-of-home media business (Times OOH Media).
ENIL plans to utilise Rs 1.45 billion from the IPO proceeds as one time entry fee (OTEF) and migration fee payments under the Phase II policy. An additional RS 100 million has been earmarked for the company’s event management and OOH business.
“With respect to the seven new licenses that we have successfully bid up till 6 January, the company will pay an aggregate amount of Rs 702 million towards OTEF. Out of this, we have already paid Rs 351 million,” says ENIL managing director and CEO AP Parigi.
In the second phase, Radio Mirchi has won bids for stations in Bangalore, Hyderabad, Jaipur, Lucknow, Nagpur, Kanpur, Surat, Varanasi and Jalandhar. It already operates in Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, Indore and Pune. The company intends to participate in the bidding for some more cities remianing under the second phase of FM radio privatisation.
ENIL is exploring opportunities to expand ourseas and is particularly eyeing the UK market, Parigi said.
The book running lead managers to the issue are JM Morgan Stanley and Enam Financial Consultants.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
