By BestMediaInfo Bureau

Haryana-based Sapphire Media has won the bid for the radio network Big FM, as per sources.

Big FM has been going through an insolvency process since February 2023.

As per sources, the bid of Sapphire Media has been approved by a committee of creditors of Big FM owner Reliance Broadcast Networks.

The development comes close on the heels of the group making a foray into news broadcasting with the launch of India Daily, a 24x7 news channel in the highly competitive Hindi news genre.

Sapphire is promoted by Kaithal, Haryana-based businessman Sahil Mangla and media professional turned entrepreneur Aditya Vashistha.

Big FM runs 58 stations and reaches out to over 1,200 towns and over 50,000 villages.

Earlier, FM Radio network Radio Mirchi, a part of Entertainment Network India (ENIL) and Radio Orange had bid Rs 251 crore to acquire Big FM Radio network, sources said.

In February this year, RBNL, on the plea of IDBI Trusteeship Services, was admitted to insolvency. According to the insolvency application filed by IDBI Trusteeship Services on behalf of L&T Investment Management, Reliance Broadcast Network failed to clear financial debt of Rs 175 crore. L&T Investment Management had subscribed to NCDs worth Rs 200 crore issued by Reliance Broadcast in three tranches in 2015 and 2016