Sony in talks to acquire stake in ZEE

Sony Corporation is reportedly one of the front-runners to pick up a stake in ZEE Entertainment Enterprises Limited (ZEEL) after its parent company Essel Group put out a chunk up for sale.

Reports say that Sony is planning to expand its business further in India and is considering seriously to bid for the entertainment giant. It is said that Sony earlier gave up on a bid for 21st Century Fox assents before it was bought out by Disney.

Essel Group put part of the 42% stake in ZEE up for sale last November. It is said that ZEE currently has a market valuation of $5.8 billion, which includes the running of the broadcast business in over 171 countries globally, digital platform, ZEE5, international film productions, ZEE Studios and distribution through ZEE Studios International.

Sony already has presence in India with flagship channels Sony Entertainment Television, plus another 28 linear services. It also runs digital platform, SonyLIV. Earlier, Sony acquired the bouquet of Ten Sports channels from ZEE.

Other than Sony, other companies reported to be interested in acquiring a stake in ZEE are Comcast, Amazon, Tencent and Alibaba.