Zee Entertainment Enterprises (ZEEL), the entertainment arm of Subhash Chandra's media empire, in a clarification to the exchanges confirmed that it was in advance level talks to sell its sports channel bouquet, which it operates under the Ten Sports brand.
Two weeks back, speculation about the fate of ZEEL's sports channels reached fever pitch after media reports of its sale to Sony Pictures Network India (SPN). Both the companies refused to comment on the matter then, and last week in an interview with Business Standard, MD and CEO of ZEEL, Punit Goenka called the reports speculative.
"The reports are all speculation. There is nothing of that sort happening. We are still working on sports and if you see the June 2016 quarter results, we have made a profit in sports. So, we are still focusing on turning that business around," he had said. He added that the company was open to strategic investments in the business, but nothing concrete had materialised on that front.
In response to the Bombay Stock Exchange's request for clarification on media reports about the sale of the Ten Sports bouquet for an estimated Rs 2,000 crore, the company 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."
It added, "As part of the said ongoing process, we are at an advanced stage of discussion 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." Appropriate announcements and disclosure will be made as and when any reporting event arise, it concluded.
The Ten Sports bouquet consists of 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 ZEEL when it bought UAE-based Taj Television, which now forms the television distribution arm of the Goenka-led network.
http://wap.business-standard.com/article...154_1.html
Two weeks back, speculation about the fate of ZEEL's sports channels reached fever pitch after media reports of its sale to Sony Pictures Network India (SPN). Both the companies refused to comment on the matter then, and last week in an interview with Business Standard, MD and CEO of ZEEL, Punit Goenka called the reports speculative.
"The reports are all speculation. There is nothing of that sort happening. We are still working on sports and if you see the June 2016 quarter results, we have made a profit in sports. So, we are still focusing on turning that business around," he had said. He added that the company was open to strategic investments in the business, but nothing concrete had materialised on that front.
In response to the Bombay Stock Exchange's request for clarification on media reports about the sale of the Ten Sports bouquet for an estimated Rs 2,000 crore, the company 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."
It added, "As part of the said ongoing process, we are at an advanced stage of discussion 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." Appropriate announcements and disclosure will be made as and when any reporting event arise, it concluded.
The Ten Sports bouquet consists of 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 ZEEL when it bought UAE-based Taj Television, which now forms the television distribution arm of the Goenka-led network.
http://wap.business-standard.com/article...154_1.html