I&B Ministry
Zee Media’s 49% stake in 92.7 BIG FM gets it 59 radio channels
NEW DELHI: Zee Media Corporation Limited (ZMCL)’s Board of Directors today approved acquisition of 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL), part of Anil Ambani-led Reliance ADA group. This will give Zee access to 45 running FM radio channels, apart from 14 other licences.
As per the agreement with ZMCL, which controls Zee group’s news-related businesses, RBNL shall be transferring the 45 operational and 14 new licenses into two special purpose vehicles (SPVs), respectively, along with the assets and liabilities. Zee shall acquire 49 per cent stake in each of these two SPVs named Vrushvik Entertainment Private Limited (VEPL) and Azalia Media Services Private Limited (AMSPL).
ZMCL and Reliance Broadcast shall also have a call/put option to acquire/sell the balance 51 per cent after the lock-in provisions on the permission holder of these licenses expire. As per government regulations, at least 51 per cent shareholding needs to be held by the permission holder for a minimum period of three years from the date the radio channels were operationalized.
RBNL runs one of the largest network of FM radio channels in India, which include 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 new licenses (issued under Phase III). The FM channels are broadcast under the brand 92.7 BIG FM that reaches 45 cities, 1,200 towns and over 200 million people.
The lock-in period for the 45 operational licenses shall expire on 31 March 2018, while the lock-in period for the other 14 licenses are expected to expire around March 2020.
ZMCL COO Rajiv Singh in a statement said, “We are pleased to announce this acquisition, which shall not only be complementary to our current business but accelerate its growth too. We are currently running successfully a bouquet of 11 news and current affair channels and with the addition of 59 radio licenses, we will be reaching out to a much increased audience base and will keep them engaged on different media platforms. This acquisition shall bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace.”
The proposed transaction, which is subject to regulatory approvals, including that from Ministry of Information & Broadcasting (MIB), is expected to close in the first half of calendar year 2017.
Commenting on the divestment of stake, Reliance Capital ED and Group CEO Sam Ghosh said, “We are happy to bring in Zee Media as our partner in the Radio business. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital”.
Why has Zee re-entered the FM radio business (remember it bid for licences in the first round FM radio auctions years back)?
According to ZMCL, the radio assets become attractive for the following reasons; especially as the Phase III of FM radio expansion has liberal regulations compared to earlier phases:
– higher penetration leading to economies of scale
– centralized broadcasting (networking) allowed
– radio services in larger number of cities leading to increased advertisement budget allocation
– multiple frequencies in same geography resulting in content differentiation
– varied content such as news, sports, current affairs, sports, etc allowed
– license tenor increased to 15 years from 10 years
Whether the re-entry into radio business bears fruits remains to be seen and will also depend on the condition of the general economic conditions in the country that is currently unsettled a bit because of the government’s move to demonetise currency notes of Rs. 500 and Rs. 1,000 denominations.
I&B Ministry
Prasar Bharati opens AIR to private content under new policy
NIPP introduces revenue share, sponsored and gratis models
MUMBAI: Radio may be the oldest voice in the room, but it’s learning some very modern tricks. In a bid to stay tuned to changing listener habits, Prasar Bharati has opened the doors of All India Radio to private players under a newly rolled-out content framework. The initiative, titled Notice Inviting Programme Proposals (NIPP), marks a significant shift in how the public broadcaster approaches programming moving from a largely in-house model to a more collaborative, market-aligned ecosystem. Issued by Akashvani’s Directorate General in April 2026, the policy invites private producers, content owners and aggregators to pitch programmes across formats, from radio dramas and documentaries to quiz shows, storytelling and music-led content.
At the heart of the framework lies a three-pronged participation model designed to balance creative freedom with commercial viability. The most prominent route is revenue sharing, where advertising and sponsorship income generated by a programme is split between the producer and the broadcaster. The structure tilts in favour of creators offering a 70:30 split when producers bring in advertising, and 65:35 when monetisation is handled by Prasar Bharati.
Alongside this sits the sponsored model, where producers fully fund and monetise their content, subject to compliance with advertising norms and the AIR Broadcast Code. For those less commercially inclined, a gratis route allows content to be submitted free of cost, with Prasar Bharati retaining all monetisation rights effectively turning the platform into a national distribution channel for diverse voices.
The move comes as legacy media grapples with intensifying competition from private FM networks, streaming platforms and digital audio ecosystems. By repositioning AIR as both a public service broadcaster and a content marketplace, Prasar Bharati appears to be recalibrating its role in a rapidly evolving media landscape.
Importantly, the framework does not dilute editorial control. All submissions must adhere to the AIR Broadcast Code, and proposals are evaluated through a layered process that weighs storytelling quality, production capability, audience appeal and revenue potential. Only proposals crossing a defined threshold move forward, signalling that while access has widened, the bar remains firmly in place.
Operational discipline is another cornerstone of the policy. Producers are required to maintain broadcast-ready content, deliver episode banks in advance and navigate a structured approval process. Crucially, all production costs are borne by the content provider, reinforcing Prasar Bharati’s positioning as a distribution and oversight platform rather than a commissioning entity.
What elevates the initiative further is its scale. The framework spans multiple clusters and stations across India, covering both metro and regional markets, with specific language mandates and submission channels. This not only expands the content pipeline but also deepens linguistic and cultural representation, an area where AIR has historically held an advantage.
In effect, NIPP signals a quiet but meaningful transformation. AIR is no longer just broadcasting to the nation, it is inviting the nation to broadcast with it, blending legacy reach with contemporary content economics in a bid to stay relevant in an increasingly fragmented audio universe.
