Jagran Prakashan hit a new 52-week high today at Rs.153.15 but since then has come off the highs though it remains in the green, up around 2% at Rs.142.60, which is currently marked as its intra day low.

The stock hit the limelight on news that the company has acquired Music Broadcast Pvt. Ltd (MBPL), which runs Radio City FM across seven states. This acquisition is through an all-cash deal though financial details were not divulged. This is to be funded from internal accruals and investments.

By getting into this new line of media, through radio, the company hopes to benefit from the rapid growth in radio advertising. In the Press Release issued by the company, it has stated, “ the radio business will compliment our print, outdoor, activation and digital businesses and enable deeper inroads with advertisers both at national and local level.”

Presently, Radio City operates in 20 stations and has an operating margin of about 28%