Essel Group may sell 16.5% stake in Zee Entertainment to pare off debt. Sony in talks to buy stake in Network18.
Giving Up: Subhash Chandra-led Essel group has reported that it is planning to sell 16.5% stake in Zee Entertainment Enterprises Limited (ZEEL) to financial investors in order to repay loan obligations to certain lenders of the group.
Following the stake sale, Essel Group's take in Zee Entertainment will be reduced to 5%. This would imply that media baron Subhash Chandra will lose control of Zee Entertainment.
Previously: Essel Group had sold up to 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for INR4,224cr earlier this year. HT
A Match Made in Heaven: Tokyo-based Sony Corp is reportedly in talks to acquire a stake in Mukesh Ambani's television network, Network18.
The move comes as Sony seeks to tap into the burgeoning demand for content in India. A successful deal is likely to help Sony boost its local offerings and take on rivals such as Netflix, while giving Ambani access to international content. BS
Sony is currently conducting due diligence on Ambani’s Network18 Media & Investments Ltd before any possible offer and is considering several potential deal structures, including a bid for the company or a merger of its own Indian business with Network18’s entertainment channels.
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