Zee to acquire 50 pc stake in Ten Sports for 2.56 bn
Both Zee Sports and Ten Sports had last week bid for ICC's global telecast and marketing rights for an eight-year period commencing 2007.india Updated: Nov 13, 2006 15:52 IST
Subash Chandra-promoted Zee Telefilms on Monday announced acquisition of 50 per cent stake in Dubai-based Ten Sports for Rs 2.56 billion as part of efforts to cement its position in sports broadcasting business.
"This is a great strategic move for the company that reinstates the company's seriousness and belief in the genre of sports broadcasting," the company said in a communication to Bombay Stock Exchange.
Terming Ten Sports as a leading channel in India with the highest viewership among sports channels, Zee said: "The investment is based on an enterprise value of 114 million dollars (about Rs 513 crore)." Zee Group had entered the sports broadcasting arena about two years ago and has since been aggressively bidding for telecast rights of leading sports events, including broadcasting of Indian cricket.
Both Zee Sports and Ten Sports had last week bid for ICC's global telecast and marketing rights for an eight-year period commencing 2007.