Big FM had been facing financial difficulties and insolvency problems starting from February 2023.
Sapphire media, a company based in Haryana, has emerged as the winner in the bidding process for the radio network Big 92.7 FM, ANI has reported. Big FM had been dealing with insolvency issues since February 2023.
According to the ANI report, the bid from Sapphire Media has been given the green light by a committee of creditors who oversee the ownership of Big 92.7 FM, which is owned by reliance broadcast networks. The acquisition of Big FM perfectly fits into Sapphire Media's business strategy of providing excellent content and captivating experiences to a wide range of audience. A reliable source familiar with the situation stated that this strategic move is a major step for Sapphire Media in its mission to enhance its position in the ever-changing media industry.
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.