Zee Entertainment says in talks to sell Ten Sports

After denying any talks of sale, the company said it is in advanced talks to sell the sports business

Zee Entertainment Enterprises, an arm of Subhash Chandra’s media empire, has informed stock exchanges it is in talks to sell its sports channel bouquet Ten Sports.

There has been speculation over the sale of Zee’s sports channels to Sony Pictures Network. Both companies refused to comment on the matter two weeks ago.

In an interview to Business Standard last week, Punit Goenka, managing director and chief executive officer of Zee Entertainment Enterprises, called the reports speculative.

“We are working on sports and if you see the June quarter results, we have made a profit in sports. We are focusing on turning that business around,” Goenka had said.

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.

Appropriate announcements and disclosure would be made when any reporting event arose, it said.

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 Goenka-led network.