MUMBAI: Sapphire Media Ltd has officially acquired the debt-ridden Reliance Broadcast Network Ltd (RBNL), which owns Big FM 92.7, following a successful bid of Rs 261 crore during the Corporate Insolvency Resolution Process (CIRP). With 58 stations and a reach across 1,200 towns and 50,000+ villages, Big FM is one of India’s largest radio networks.
The acquisition comes after Sapphire Media, promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha, received all necessary regulatory approvals, including a green light from the ministry of information & broadcasting. The company promptly cleared dues to the committee of creditors (CoC) as per the approved resolution plan.
The saga reached its crescendo on 23 December 2024, when the National Company Law Appellate Tribunal (NCLAT) dismissed petitions from rival bidders and upheld the National Company Law Tribunal’s (NCLT’s) 6 May 2024, decision in favour of Sapphire Media. Rivals like Radio Orange and others had contested the resolution, but Sapphire’s bid, which secured 88.97 per cent of CoC votes, emerged victorious.
Big FM, known for its rich legacy and a massive listener base of 340 million, will now undergo a wave of innovation under Sapphire Media’s stewardship. The group, which already boasts a vast outdoor advertising network and recently launched the Hindi news channel India Daily 24×7, plans to inject fresh energy into the radio brand, blending its heritage with cutting-edge content creation.
“We are thrilled to welcome Big FM into the Sapphire Media family. This acquisition aligns with our vision of becoming a leader in digital content creation and broadcasting,” the company stated.
The CIRP against RBNL was flagged off on 24 February 2023, following a petition by IDBI Trusteeship Services, the financial creditor. Six resolution plans were submitted, but Sapphire’s bid struck the winning note.