Dubai-based Taj Television, the owner of Ten Sports, is believed to be in talks with ZEE Telefilms and Reliance Anil Dhirubhai Ambani Group (R-ADAG) for the sale of a 50% stake in the sports broadcaster, after its talks with Sony Entertainment Television (SET) fell through.
The equity sale for Ten Sports with valuation pegged at $140 million is expected to be clinched by mid-November.
The SET deal did not fail on account of valuation issues, as perceived, but because there were disagreements on distribution issues. Ten Sports is now in talks with R-ADAG as well as ZEE Telefilms and the deal should be finalised in three weeks, the executive said.
While Sharmistha Rijwani, managing director, Ten Sports, said there was nothing to confirm at the moment, ZEE and R-ADAG spokespersons dismissed any talks being held on the issue.
ZEE already has ZEE Sports in its bouquet, but adding Ten Sports through an equal joint venture will enable it to bid aggressively whenever properties come up for sale.
As far as Reliance ADAG, which has been trying to enter the broadcasting business, is concerned, this buy will give it an immediate foothold in the industry, the analyst added.