Zee Telefilms to acquire 50 per cent stake in Ten Sports

Zee Telefilms to acquire 50 per cent stake in Ten Sports

Subash Chandra-promoted Zee Telefilms has said that they are acquiring a 50% stake in the rival television channel Ten Sports.

The deal is worth around Rs 2.56 billion and it would help Zee expand their presence in the sports broadcasting business.

Zee added in a communication to Bombay Stock Exchange: “This is a great strategic move for the company that reinstates the company’s seriousness and belief in the genre of sports broadcasting.”

It further said: “The investment is based on an enterprise value of 114 million dollars.”

Zee itself entered this market around 2 years ago and has been pretty aggressive in buying rights for leading sports events.