MUMBAI: It's finally happened. Ending months of speculation, Zee Media Corporation has informed the Bombay Stock Exchange that the company has bought a 49 per cent stake in Big FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL), The equity stake is to be transferred by RBNL to Vrushvik Entertainment Pvt Ltd and Azalia Media Services Pvt Ltd, syas the announcement.

The deal, that was being speculated upon for months now, had several issues to deal with. The first was the three-year lock-in period under the phase III radio policy, which does not allow radio companies to sell more than 49 per cent and the other was the 49 per cent sectoral FDI cap.

It is believed that the deal entails a commitment for the remaining 51 per cent. The deal is valued at around Rs 1900 crore for both the radio business of RBNL as well as the two general entertainment television channels run by it.