ZEE Network ups stake in Ten Sports to 95%

ZEE Entertainment Enterprises Ltd (ZEEL) has approved the move to acquire a further 45 per cent stake in Taj TV Limited Mauritius, owners of Ten Sports.

This will increase ZEE Network’s control in the popular sports channel to 95 per cent. Up until now, ZEE Network had a 50 per cent stake in the channel, which it had acquired from the Bukhatir Group for $114 million in 2007.

ZEEL has also acquired additional 50 per cent stake in its subsidiary Taj Television (India), which handles the distribution and ad sales for Ten Sports India. Together the two deals were worth $44.15 million.

In a statement to BSE, Subhash Chandra, chairman, ZEEL, says, “Positive steps continue to be taken by industry players and regulators for a fast growing pay television market. With an estimated two million plus DTH households being added across the country during the quarter, signs are that digitisation continues at a heartening pace. I am confident that the Indian television industry will witness a paradigm change in the way business is conducted and will change for the better.”

Ten Sports holds the rights to many cricket tournaments including games from the Pakistan Cricket Board, Sri Lanka Cricket Board, West Indies Cricket Board, South Africa Cricket Board and Zimbabwe Cricket Board. The channel also holds rights to the UEFA Champions League Soccer, WWE wrestling, US Open Tennis and Hockey World Cup.