Reliance Capital on Wednesday Nov 23,2016 said that it will sell its Radio and Television Broadcasting Businesses to the Zee Group for Rs1900 crores
The total transaction value is just under Rs 1,900 crore. Of this ZMCL will pay Rs 1,592 crore for the radio business, while ZEEL will pay Rs 298.4 crore for the TV business
"Reliance Broadcast Network (RBNL) has signed definitive and binding agreements with Zee Media Corp (ZMCL) to sell a 49% stake in its radio broadcast business. Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire a 100% stake in the group's general entertainment TV business," a release from the company said. Anil Ambani-run Reliance Capital is the holding company for RBNL. The money that Reliance Capital receives will be used to reduce the company's debt and the deal will be executed in tranches, the release said
Reliance Capital said its arms will transfer its 45 operational and 14 new radio channels into two SPVs respectively and ZMCL will acquire a 49% stake in the SPVs. "Both companies will also have a call/put option for the balance 51% stake in both the SPVs after the stipulated lock-in period," the release said.
The Reliance group runs its radio business under the Big FM brand, while within its general entertainment TV broadcasting business it operates two channels, Big Magic, a Hindi channel and Big Ganga, a Bhojpuri channel. The transaction, which needs regulatory approvals, is expected to be complete by next year, the release said.
The total transaction value is just under Rs 1,900 crore. Of this ZMCL will pay Rs 1,592 crore for the radio business, while ZEEL will pay Rs 298.4 crore for the TV business
"Reliance Broadcast Network (RBNL) has signed definitive and binding agreements with Zee Media Corp (ZMCL) to sell a 49% stake in its radio broadcast business. Simultaneously, Zee Entertainment Enterprises (ZEEL), a separate entity under Zee Group, will acquire a 100% stake in the group's general entertainment TV business," a release from the company said. Anil Ambani-run Reliance Capital is the holding company for RBNL. The money that Reliance Capital receives will be used to reduce the company's debt and the deal will be executed in tranches, the release said
Reliance Capital said its arms will transfer its 45 operational and 14 new radio channels into two SPVs respectively and ZMCL will acquire a 49% stake in the SPVs. "Both companies will also have a call/put option for the balance 51% stake in both the SPVs after the stipulated lock-in period," the release said.
The Reliance group runs its radio business under the Big FM brand, while within its general entertainment TV broadcasting business it operates two channels, Big Magic, a Hindi channel and Big Ganga, a Bhojpuri channel. The transaction, which needs regulatory approvals, is expected to be complete by next year, the release said.
, part of Anil
Ambani-led Reliance Group, on Wednesday, announced value unlocking in
its radio and TV businesses that will help reduce debt by approximately
Rs 1,900 crore.
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
part of Anil Ambani-led
Reliance Group, on Wednesday, announced value unlocking in its radio
and TV businesses that will help reduce debt by approximately Rs 1,900
crore.
"Reliance Broadcast Network (RBNL), the largest operator of FM channels
in India, has signed definitive and binding agreements with Zee Media
Corporation (ZMCL) to sell 49 percent stake in its radio broadcast
business," the company said in its filing.
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
part of Anil Ambani-led
Reliance Group, on Wednesday, announced value unlocking in its radio
and TV businesses that will help reduce debt by approximately Rs 1,900
crore.
"Reliance Broadcast Network (RBNL), the largest operator of FM channels
in India, has signed definitive and binding agreements with Zee Media
Corporation (ZMCL) to sell 49 percent stake in its radio broadcast
business," the company said in its filing.
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/business/rel-cap-sells-stakeradiotv-biz-to-zee-group-for-rs-1900cr_8008541.html?utm_source=ref_article
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