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MGM, Nine Network major contenders for acquiring stake in Zee Telefilms Ltd.

25-May-2001
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MGM, Nine Network major contenders for acquiring stake in Zee Telefilms Ltd.

MGM Inc. and Nine Network are the major contenders for acquiring substantial stake in Zee Telefilms Limited (ZTL). At the moment, Subhas Chandra holds around 60 per cent stake in ZTL and is expected to hold a majority stake in the company.

Industry sources say that MGM and Nine Network are in the reckoning to participate in the equity offloading announced by Chandra on Wednesday. This deal can be a boon for MGM, which is eyeing the vast Indian visual market. Presently MGM has 14 channels internationally.

Partnership with Nine Network will give benefit to both the companies. Zee has yet to start its sports channel due to stiff competition in international as well as Indian market. Nine Networks, which has technical as well as programming experience, would help Zee to launch its sports channel.

Shares of Zee Telefilms rose over four per cent on Thursday, while the stock market remains sluggish. It is believed that Zee shares were powered by the company’s announcement late on Wednesday.

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