Media conglomerate TV Today Network has said it’d shut down its radio business, operated under the Ishq 104.8 FM brand, within the next six months, citing tough market scenarios and challenges.

The decision was approved by the company’s board of directors during a meeting held on Thursday, as detailed in a regulatory filing. TV Today Network currently operates three FM radio stations in Mumbai, Delhi, and Kolkata under the 104.8 FM frequency. These operations accounted for just 1.7 percent of the company’s revenue in the financial year 2023-24 (FY24).

In the filing, TV Today Network explained that the decision to wind down FM radio broadcasting was made in the company’s best interest “given the state of the industry, its dynamics, and the evolution of the FM radio broadcasting business, the board considered it more prudent to close the radio segment rather than continue its operations.”

The company’s radio business reported a turnover of Rs.16.18 crore in FY24 but incurred a significant loss of Rs.19.53 crore during the same period.