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Entertainment Network India Ltd (ENIL) has terminated the Time Brokerage arrangement with a United States-based broadcaster. The company in a communique to the stock exchanges said that “due to the non-fulfillment of material contractual obligations by the counterparty” it's United States subsidiary Entertainment Network LLC, has issued a contract termination notice.

The non-fulfillment of the contractual obligations rendered business operations unviable, prompting the issue of the termination notice to the counterparty.

The Time Brokerage arrangement stands terminated from Wednesday, November 30, 2022.

ENIL had forayed into the US radio market in May 2021 by signing a Time Brokerage arrangement with a US-based broadcaster to broadcast radio programs and content, targeting the South Asian community in the Bay Area.

Entertainment Network India Ltd is a subsidiary of Times Infotainment Ltd. of the flagship Times of India Group. Bennett Coleman and Company Ltd is the main promoter of Entertainment India Ltd. with a stake of 71.2 percent. ENIL operates the popular FM radio channel of the Times of India Group, Radio Mirchi.

Shares of ENIL ended 2.4 percent lower at Rs 153.20.