Zee Media Corporation Limited (BSE:532794) entered into definitive agreement to acquire 49% stake in 92.7 Big FM from Reliance Broadcast Network Limited for INR 15.8 billion on November 23, 2016. Zee Media Corporation Limited (BSE:532794) and Reliance Land Private Limited (“RLPL”) will have a call and put option respectively for balance 51% after expiry of lock-in period. In related transaction, Reliance Broadcast will sell television business. During the year ended March 31, 2016, 92.7 Big FM had revenue of INR 3.05 billion and EBITDA of INR 1.16 billion. The transaction is subject to regulatory approval. The transaction is approved by Board of Directors of Zee Media and Reliance. The Mumbai Bench of National Company Law Tribunal approved the transaction on July 13, 2017. The transaction is expected to close on first half of 2017. Reliance will use the proceeds to reduce debt. Acquisory Consulting LLP acted as financial advisor, KPMG India Private Limited as accountant, and Deepak THM, Anshul Jain Sundeep Dudeja and Kanika Chaudhary Nayar of Luthra & Luthra Law Offices acted as legal advisor for Zee. Ernst & Young Capital Advisors, LLC acted as financial advisor and Siddharth Hariani, Aditya Bhargav, and Yashna Shrawani at Phoenix Legal acted as legal advisor for Reliance Broadcast Network Limited. Zee Media Corporation Limited (BSE:532794) cancelled the acquisition of 49% stake in 92.7 Big FM from Reliance Broadcast Network Limited on January 13, 2018.