Sapphire Media Finalizes Acquisition of Big FM 92.7 Following NCLT Approval

Sapphire Media Limited has successfully completed the insolvency process to acquire the debt-ridden Reliance Broadcast Network, which owns Big FM 92.7.

Reliance Broadcast Network Ltd (RBNL) has been going through the Corporate Insolvency Resolution Process since February 2023.

Sapphire Media is led by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha.

According to a statement, it has received all necessary statutory approvals from the Ministry of Information and Broadcasting to assume control of Big FM 92.7's board of directors and management.

Furthermore, it is said to have paid its dues to the lenders' body, the RBNL Committee of Creditors (CoC), within the time frames specified in the approved resolution plan.

On December 23, 2024, the appellate insolvency tribunal NCLAT rejected other competitors' petitions and upheld the order issued by the National Company Law Tribunal approving Sapphire's resolution plan.

On May 6, 2024, the Mumbai bench of NCLT approved Sapphire's resolution plan, rejecting various objections from competitors such as Radio Orange and others.

The acquisition of Big FM 92.7, one of the country's largest radio networks with 58 stations serving over 1,200 towns and 50,000+ villages, will aid Sapphire Media's growth as it strives to become a content and media leader.

"The brand will support Sapphire Media's aggressive expansion plans in the rapidly evolving tech-driven digital content creation and broadcasting space. Radio Big 92.7 FM, known for its rich heritage, diverse programming, and deep connection with 340 million listeners across India, will now be infused with new energy and innovation under Sapphire Media's dynamic leadership," the statement said.

This acquisition comes after Sapphire Media launched India Daily 24X7, a 24-hour Hindi news channel.

Furthermore, the group operates one of India's largest outdoor advertising networks.

CIRP against RBNL was initiated on February 24, 2023, after an application by IDBI Trusteeship Services, a financial creditor was admitted.

Six resolution plans were submitted, and Sapphire Media's bid of Rs 261 crore was approved by the CoC with an 88.97 percent vote share.