Mumbai, Nov 23 (UNI) Zee Media Corporation Limited has acquired 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited. The radio broadcasting business of Reliance Group is being operated in the entity - Reliance Broadcast Network Ltd (RBNL). Reliance Broadcast Network Limited runs the largest network of FM radio channels in India - 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 new licenses (issued under Phase III). The FM channels are being broadcast under the brand '92.7 BIG FM', reaching to 45 cities, 1200 towns and over 200 million people. It reaches out to around 43 million listeners per week and engages with a large number of national and local advertisers. Reliance Broadcast Network Limited shall be transferring the 45 operational and 14 new licenses into two SPVs respectively along with the assets and liabilities. ZMCL shall acquire 49 per cent stake in each of these two SPVs. ZMCL and Reliance Broadcast Network Limited shall also have a call/put option to acquire/sell the balance 51 per cent after the lock-in provisions on the permission holder of these licences expire. As per MIB regulations, atleast 51 percent shareholding needs to be held by the permission holder for a minimum period of 3 years from the date the channels were operationalised. The lock-in period for the 45 operational licences shall expire on 31st March 2018, whilst the lock-in period for the 14 licences shall expire after the expiry of 3 years from the day all 14 licenses shall have become operational, which is expected to be around March 2020. UNI JS NP1625