Media Firm Zee Entertainment Enterprise Ltd (ZEEL) is looking to sell its sports channel Ten Sports for an undisclosed amount. Without naming the prospective buyers and sharing any details about it, ZEEL informed BSE that its discussions are in the advance stage. The company also did not provide any financial details about the proposed sale.
"We are at an advance stage of discussions for the sale of the sports business with potential buyers," ZEEL informed BSE. Meanwhile, it also added that due to "owing to confidentiality provisions, the company is unable to comment on specific details or timeline".
According to Subhash Chandra promoted firm, it keeps on exploring various strategic options for entering new business or exiting it to maximise shareholders return.
ZEEL's response came while replying to a query from BSE over some media reports suggesting that rival broadcaster Sony Pictures Networks India is likely to buy Ten Sports in a deal estimated to be around Rs 2,000 crore. It had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006.