Media magnate Subhash Chandra-led Zee Entertainment Enterprises Ltd. reavealed on Monday that they are in discussion with potential buyers to sell its sports broadcasting business held under Ten Sports.
The company did not provide any details or timeline in a stock-exchange filing citing privacy reasons.
Zee’s announcement came after news channel CNBC-TV18 reported that, the broadcaster Sony Pictures Networks India was likely to buy Ten Sports for about Rs 2,000 crore (about $300 million). But a representative for Zee declined to comment on the development.
On 8th of August, The Economic Times had first reported about Zee’s plan to sell its sports business, and that a agreement was likely to be declared within a month. The report said that Zee was trying to exit the loss-making business.
Zee had primarily assimilated a 50% stake in Ten Sports from Taj Television India Pvt. Ltd.,a wing of Dubai based Bukhatir Group, in 2006 and improved its stake in 2010.
Ten Sports Network operates five channels, Ten HD, Ten Action, Ten Sports, Ten Cricket, and Ten Golf HD in India and three international channels, including one each in the Middle East and the Caribbean.
Ten Sports owns broadcast rights for the cricket boards of West Indies, South Africa, Zimbabwe, Sri Lanka, and Pakistan. They also holds broadcast rights for football, wrestling, golf, tennis, and athletics events.
Zee Entertainment has recently launched an English news channel known as WION. It is also getting into the teleshopping business with the procurement of two companies from Living Media India Ltd which is also known as India Today Group. In the beginning of this year, it had launched a second video streaming platform known as OZEE, a free-to-watch over-the-top platform.
Shares of Zee Entertainment increased to 4.3% on Monday to close at Rs 529.50 in a Mumbai market that gained 0.4%.
Zee Entertainment plans to sell sports broadcasting business
