One of India's largest listed media firms, Zee Telefilms Ltd. has bought 50 percent in Dubai-based Taj Television's Ten Sports channel for an undisclosed sum.
Zee has said that its all-cash purchase was based on an enterprise value of $114 million for Taj Television. "The financial statements of the Abdul Rahman Bukhatir-owned Taj Television would be consolidated in Zee's books. Taj TV is expected to have an average annual revenue of $50 million for the next three fiscal years." Zee informed.
Zee Group had entered the sports broadcasting arena about two years ago and has since been aggressively bidding for telecast rights of leading sports events, including broadcasting of Indian cricket.
Both Zee Sports and Ten Sports had last week bid for ICC's global telecast and marketing rights for an eight-year period commencing 2007.
