Sapphire Media Leads Big in FM Radio Auction Across Major Cities

Sapphire Media has emerged as the leading bidder in the recently concluded FM radio auction, grabbing the 92.3 MHz frequency in Ludhiana for a whopping Rs 7.83 crore. The Ministry of Information and Broadcasting (MIB) announced these auction results as part of the Private FM Radio Phase III rollout.

This competitive auction attracted high stakes from prominent media entities. While the highest bid was placed by Sapphire Media, the lowest successful bid of Rs 29 lakh was for the 91.1 MHz frequency in Silchar, Assam. Other notable bidders included DB Corp Ltd, which secured multiple frequencies across various cities, and HT Media Ltd, which won the 93.7 MHz frequency in Moradabad for Rs 2.8 crore.

All winners are required to deposit 25% of their winning bid amounts by August 18, with the remainder due by August 28, or risk forfeiture of their Earnest Money Deposit (EMD) and Bid Deposit. This extensive auction marks a significant moment for the FM radio sector, with key players expanding their influence across India.

(With inputs from agencies.)