ZEE in talks with Sony & Comcast to sell 50 per cent stake

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ZEE Entertainment Enterprises Limited is reportedly in talks with Sony Corporation and Comcast to sell over 50 per cent stake in the media conglomerate.

CNBC TV18 reports that the promoters of Essel Group and Chairman, Subhash Chandra are in the US to discuss the deal. Both companies have said to have placed a bid in the range of Rs. 540 – 560 per share. If successful, ZEE may enter into an exclusive binding agreement this week.

Chandra had confirmed back in late January that the company was in financial turmoil blaming the same for the aggressive bets on infra, which has gone out of control since IL&FS crisis and also the acquisition of Videocon’s D2H business.

The report also adds that Chinese investors, Tencent and Alibaba, along with Amazon, had all shown interest in ZEEL’s digital platform, ZEE5.

Keep it with BizAsiaLive.com for the latest.

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