The Wall Street Journal says the founders of Reliance will retain their two-thirds stake by injecting new capital of their own, while seeking to sell shares to repay the company’s debt and create a cushion to fund expansion in FM radio and other areas. India is about to auction off 839 private radio licenses in more than 225 towns and cities. Reliance Broadcast also plans to launch some new TV channels under its “Big Magic” brand. Reliance has a joint venture with CBS to produce three English-language video channels for India, and it has long been a customer for CBS TV programming. Reliance also partners with Luxembourg’s RTL Group for two channels.