Music Broadcast Limited was formally created and deployed as a legal entity in Kolkata, as "Music Broadcast Private Limited", under the companies Act 1956, the company was converted into a Public Limited Company, pursuant to approval of the shareholders at an extraordinary general meeting held on June 15, 2015 and consequently, the name of the company was changed to "Music Broadcast Limited" and a fresh certificate of incorporation consequent upon conversion to Public Limited Company, issued by the Registrar of Companies.

Radio City is the first private FM radio broadcaster in India and also operates the radio stations under the brand "Radio City". The company has grown the presence from four cities in 2001 to 37 cities as on February 15, 2017. These radio station including the eight "Radio Mantra Solutions" transferred from SPML pursuant to scheme of arrangements and nine out of eleven New Radio City stations. They expect the remaining two New Radio City Stations to be operationalised by March/April 2017. At present, they are in 12 out of the top 15 cities in India by population (Source:Censes 2011). As on March 31, 2016, the radio stations reached out to over 49.60 million listeners in 23 cities covered by AZ research (Source: AZ Research Report).

In the year January 17, 2005, the company allotted 30,000 equity shares aggregating to 75% of the then paid-up equity share capital of the company to "India Value Fund Trustee company Private Limited" (the IVF trustee company) and also in the year October 14, 2005, the IVF Trustee company transferred 20,400 equity shares, aggregating to 51% of the then paid-up equity share capital of the company to "IVF Holdings Private Limited" (IVF Holdings).

IVF Holdings held 99.99% of the paid up equity share capital of crystal. Further, pursuant to a share purchase agreement dated December 9, 2014 executed between IVF Trustee company. IVF Holdings and the company, IVF Trustee company transferred its entire shareholding in the company aggreagating to 20.63% of then paid-up equity share capital of the company to IVF Holdings. Further pursuant a share purchase agreement dated December 16, 2014, executed between JPL, Growth Capital Trustee Company Private Limited and IVF Holdings, JPL executed a strategic acquisition of IVF Holdings fom Growth Capital Trustee Company Private Limited, which was holding company of crystal.

Subsequently, the name of IVF Holdings was changed to spectrum. Spectrum and Crystal held 71.34% and 21.48% respectively of the paid up equity share capital of the company. Subsequently, spectrum and Crystal were merged into JPL pursuant to the scheme of arragngements.