Television

Sony sets out IPO plans; seeks controlling stake in Ten Sports

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/06/10/Untitled-1_1.jpg?itok=G1LOUV3l

MUMBAI: Sony Entertainment Television (SET) India is stepping up plans for an initial public offering (IPO). The company is looking at a period after the cricket World Cup gets over in April 2007, a source close to the development says.

The merchant bankers are yet to be appointed but the IPO plan is being actively pursued. "The board has approved an IPO plan, but subject to the capital market and other related conditions," the source adds.

Sony is also in active negotiations to buy a controlling stake in Ten Sports. SET India already has the rights to distribute the sports channel in India. "The negotiations are on to acquire a majority stake. But nothing has been finalised yet," the source says.

Ten Sports, it is learnt, is willing to part with a 50 per cent stake. No agreement has been reached on the valuation, the source says. It is worth noting here that a report put out by CNBC TV18 yesterday had said "the deal is believed to be worth between $ 55-60 million."If this report proves correct, it would mean that Ten Sports has been valued at between $110 million to $120 million.

When contacted, Taj Television Ltd CEO Chris McDonald said the company was in talks with several companies for strategic partnerships. "There is no deal at this stage," he added. On being queried whether the company was willing to part with controlling stake, he refused to comment on specific details. Dubai-based Taj Networks owns and operates Ten Sports.

SET India CEO Kunal Dasgupta denied that anything definite on Ten Sports or the IPO had been decided at this stage.

Zee Telefilms Ltd. (ZTL), which was in negotiations over a year back, has not resumed talks, a source in the company said. ZTL plans to bid for cricket rights like the ICC which will come up for grabs rather than buy a stake in Ten Sports, he says. Another reason that ZTL dropped any acquisition strategy in regards to Ten Sports is that the channel is already locked into a five-year distribution deal with the rival SET-Discovery One Alliance, the source adds. ZTL in any case runs Zee Sports, which is in the hunt for acquiring cricket properties to provide strength to the channel.

Taj Entertainment has mandated Ambit Corporate Finance to find a strategic investor. With Harish Thawani's Nimbus preparing to launch a sports channel, analysts say the acquisition price would continue to be high with more broadcasters chasing cricket properties.

Ten Sports would require capital infusion even as the cricket properties it currently holds (Sri Lanka, West Indies and Pakistan boards) come up for renewal. By doing a distribution deal with Sony, it will be assured subscription revenues on a guaranteed basis.

"The buying into Ten Sports would be seen as a good time before the IPO," a market analyst said.

SET India has also conducted a restructuring exercise which is seen as a precursor to a public float. The company recently acquired sister company SET Singapore. Though it had obtained clearance from the Foreign Investment Promotion Board (FIPB) for this purpose a few years back, it had deferred this process as the proposed restructuring transaction would have attracted capital gains tax.

"Sony is keeping everything ready for the right time to hit the market," the source says.

SET India had obtained clearance from the FIPB to acquire 100 per cent shares of SET Singapore through a share swap transaction. According to the proposal, one share of SET India would be exchanged for 16 shares of SET Singapore. Post-restructuring, 60.65 per cent of the SET India equity would be with the Sony Pictures Entertainment (SPE) entities, 19.83 per cent with non-resident Indians and overseas corporate bodies, 7.68 per cent with foreign institutional investors and 11.84 per cent with Indian shareholders.

Taj Television is 100 per cent owned by Bukhatir Investments Limited, a UAE-based conglomerate with interests in banking, construction, real estate, trading, information technology, sports and broadcasting. Ten Sports is a sports channel which broadcasts in the Middle East, Pakistan, India, Sri Lanka, Bangladesh, Maldives, Bhutan and Hong Kong.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/sunny-leoae.jpg?itok=3SZqrF40
Sunny Leone in Discovery JEET’s show Man Vs Wild

Sunny Leone will be displaying her adventurous side as host of the mega-popular survival series Man Vs. Wild. The iconic series will telecast in Hindi on the soon-to-be-launched GEC Discovery JEET. The new GEC will premiere in the second week of February 2018 and the series will feature the...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/sm.jpg?itok=gUhILkq8
Times Now appoints Sujeet Mishra as marketing head

Times Network, part of India’s media conglomerate, The Times Group today announced the appointment of Sujeet Mishra as head of marketing, Times Now.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/sony-bbc_1.jpg?itok=mQuiQxIO
Experience space with BBC's new VR experience

The BBC is giving you a chance fly. Home - A VR Spacewalk is an interactive virtual reality (VR) experience launched today for the HTC Vive and the Oculus Rift, and is available to download for free via the Steam Store and the Oculus Store.

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/bbc_0.jpg?itok=jTEnctw5
Sony BBC Earth presents the Best of 2017

Sony BBC Earth revisits some of its most popular episodes of the best shows in a special programming line-up titled Best of 2017 starting 18 December 2017, every night at 7 pm and 11 pm.

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/shemaroo.jpg?itok=JLK5kQw2
Increased revenue from traditional media boosts Shemaroo numbers

Integrated media content house Shemaroo Entertainment Limited (Shemaroo) reported 18.3 percent higher year-on-year (y-o-y) consolidated total revenue for the quarter ended 30 September 2017 (Q2 FY 2017-18, the quarter under review) stood at Rs 1,345.7 million as compared with Rs 1,138.6 million in...

Television Production House Film Production
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/mur.jpg?itok=Hql64_2L
21st CF spins-off into new live news & sports co Fox

MUMBAI: After the blockbuster acquisition of 21st Century Fox by The Walt Disney Company, the former has announced that it will spinoff into a new brand Fox’ that will seek to replicate its own success in the newly focussed verticals of live news and sports brands. Using fiscal 2017 as a base, the...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/uday_0.jpg?itok=t8VAurqw
With Star India, Disney emerges as India's largest M&E firm

MUMBAI: Unlike the US, where the merger of The Walt Disney Co and 21st Century Fox’s entertainment assets is between two near equals, the scenario in India is totally different. 21st Century Fox’s India venture Star India is a $1.7 billion dollar media and entertainment behemoth while Disney India...

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/14/bob.jpg?itok=zPgBgsME
Disney to buy 21st Century Fox assets for $52.4 billion

The Walt Disney Co has set up a $52.4 billion, all-stock deal to acquire 20th Century Fox and other entertainment and sports assets from Rupert Murdoch’s empire.

Television TV Channels Movie Channels
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/14/mania.jpg?itok=Jb64uy53
MOVIES NOW brings #StopDreamingAndStartWinning with 100 Mania Season 5 for its viewers

Movies Now, India’s english movie channel, rings in the festive season with its property ‘100 Mania’, beginning Friday, 15 December at 9pm. In its 5th season, the channel has curated a line-up of some of the biggest Hollywood blockbusters like Furious 7, Jurassic World, Disney’s The Jungle Book,...

Television TV Channels English Entertainment

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories