Anil Ambani-led Reliance Capital announced on Wednesday that it will sell its radio and television broadcasting business to the Zee group for Rs. 1,900 crore.
Reliance Broadcast Network has signed definitive and binding agreements with Zee Media Corp (ZMCL) in order to sell its 49% stake in radio broadcast business. At the same time, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire 100% stake in the group’s general entertainment TV business, a company’s release revealed the fact. Anil Ambani run Reliance Capital, the holding company for RBNL. Moreover, the money that Reliance Capital receives would be used to minimize the company’s debt and the deal will be executed in tranches, the release said.
The Reliance group conducts its radio business under the Big FM brand however, within its general entertainment TV broadcasting business it operates two channels, Big Magic which is a Hindi channel and Big Ganga, a Bhojpuri channel. The transaction, which needs regulatory approvals, is expected to get completed by the next year, as per the media sources.