Shares of Music Broadcast Ltd. that were trading flat on Thursday received a massive boost after the company announced the major partnership.
What Happened: The company in a press release said that it will be making its debut on JioTV. “Radio
City becomes the first-ever radio station in the country to introduce a 24×7 video channel,” the company added in the release.
The company said that the launch will expand its reach to a larger demographic. “The launch of RC Studio propels Radio City into the digital era,” the release read. Radio City, a part of Music Broadcast Limited (MBL), is a subsidiary of Jagran Prakashan Ltd.
The company said that it will deliver content that echoes with the Gen Z. The channel will also be available on connected TVs through JioTV+ which comes as a part of JioFiber and AirFiber
The stock surged up over 10% as soon as the announcement was made.
Price Action: After the initial bump, the stock has simmered down a bit to trade 3.46% higher at ₹14.25 in the late hours of trading on Thursday.
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