Entertainment Network India on Monday announced that the company's US-based subsidiary has terminated time brokerage arrangement with US-based broadcasters on mutual understandings.
Last year, the company had announced its plan to foray into the United States (US) Radio market.
Following which, the company's wholly-owned subsidiary Entertainment Network, LLC had entered into a Time Brokerage arrangement with US-based broadcasters to broadcast radio programmes and content targeting the South Asian community in New York and New Jersey.
However, on Monday the company said, "One of the said arrangements now stands terminated on mutual understanding with effect from October 31, 2020."
"Nevertheless, the company will continue with remaining Time Brokerage arrangement with US bases broadcaster having presence in New Jersey," added the company.
On Sensex, the company's stock ended at Rs144.10 per piece flat compared to the previous closing.