India's Zee to buy TV channels, radio stake from Anil Ambani's Reliance

Zee Media

23/11/2016 13:10

MUMBAI, Nov 23 (Reuters) - India's Zee media group has 
agreed to buy television channels and a stake in a radio 
broadcasting business from billionaire Anil Ambani's Reliance 
Group in a move that would help the latter cut its debt by about 
19 billion rupees ($277 million), the two sides said on 
Wednesday. 
    Zee Media Corp Ltd  ZEEN.NS  will initially buy a 49 percent 
stake in Reliance Group's FM radio business that operates 
stations in 45 cities and has rights to frequencies for 14 new 
channels, the two sides said in a joint statement. 
    Both companies will have a call/put option for the remaining 
51 percent stake after a stipulated lock-in period, they said. 
    In a separate deal, Zee Entertainment Enterprises Ltd 
 ZEE.NS  will buy two general entertainment channels and four 
licences to run TV channels from the Reliance Group. 
    Reliance Capital Ltd  RLCP.NS , which owns the radio and 
television businesses, will use the proceeds to cut its debt, 
according to the statement.  
 ($1 = 68.6905 Indian rupees) 
 
 (Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu) 
 ((sankalp.phartiyal@thomsonreuters.com; +91-22-61807186; 
Reuters Messaging: 
sankalp.phartiyal.thomsonreuters.com@reuters.net)) 
 
Keywords: RELIANCE CAPITAL BROADCASTING/STAKESALE