Sony renews Zee interest
Sony Corp is understood to have revived negotiations to buy a part of the promoters stake in Zee Entertainment Enterprises Ltd. The stake sale is expected to be completed by July.
Zee’s talks with Sony had stalled over valuation, with Sony reportedly keen to pare the promoter’s stake down to 10 per cent.
In November last year, Zee’s promoters, led by Subhash Chandra, had said it would sell up to 50 per cent of their stake in the company to a strategic partner.
Zee, which declared its fourth quarter results on Monday, was silent on the current status of the sale. However, at a conference call with analysts, Punit Goenka, managing director & CEO, Zee Entertainment said the negotiations with the parties were proceeding well and a binding agreement should be signed by July.