Indian pay-television operator Zee Entertainment Enterprises has said it is in advanced talks for the sale of its Ten Sports operation.
Zee’s announcement to the stock exchange comes after reports earlier this month that media group Sony Pictures Networks India was set to acquire Ten Sports.
Indian newspaper the Economic Times, citing sources close to the matter, reported that SPN’s acquisition of Ten Sports would be worth around Rs20bn (€263m/$297.6m). The Times said negotiations between the two parties had been ongoing for “a couple of months”, and that a deal should be announced within the next three weeks.
Both parties subsequently rejected such claims, but following further reports on Ten Sports’ future, Zee said in a statement: “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.”
Ten Sports offers five channels and was acquired in 2010 by Zee when it bought the UAE-based Taj Television.
Ten’s sports rights properties include football’s Uefa Champions League and Europa League; cricket from the Pakistan Cricket Board, West Indies Cricket Board, Sri Lanka Cricket and Cricket South Africa; golf’s Ryder Cup and tennis grand slam the US Open.