Zee Entertainment's Ten Sports on sale for Rs 2,000 crore
The company has informed BSE that it is in talks to sell its sports channel bouquet Ten Sports
Zee Entertainment Enterprise Ltd (ZEEL) is looking to sell its sports channel Ten Sports for approximately Rs 2,000 crore. The company has informed BSE that it is in talks to sell its sports channel bouquet Ten Sports.
In response to BSE’s request for clarification on media reports about the sale of Ten Sports bouquet for an estimated Rs 2,000 crore, Zee said, “In order to maximise shareholder returns, the company keeps exploring various strategic options for entering into new business and/or exiting/restructuring existing businesses.”
“We are at an advanced stage of discussions for sale of the sports business with potential buyer(s). However, owing to confidentiality provisions, the company is unable to comment on specific details or timelines,” it added.
The Ten Sports bouquet has five channels, Ten 1, 2, and 3 in standard definition and Ten HD and Ten Golf HD in high definition. The bouquet was acquired in 2010 by Zee when it bought the UAE-based Taj Television, which now forms the television distribution arm of the network.
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