Billionaire industrialist Mukesh Ambani has sold his entire stake in Hindi entertainment channel Epic TV to its other co-founder Anand Mahindra, the MD at Mahindra Group, for an undisclosed amount.
The Economic Times reported citing a Reliance spokesperson that Ambani owned more than 25% stake in the channel and has offloaded his entire holding during this transaction.
Email queries sent to Epic TV and Reliance Industries couldn’t elicit any immediate response.
With this deal, Mahindra has now become the sole owner of Epic TV as the broadcaster’s third founder Mahesh Samat has also sold his stake recently to Mahindra.
Interestingly, Ambani’s younger brother and billionaire Anil Ambani-led Reliance Capital Ltd announced on Wednesday of its decision to sell its radio and television businesses to media baron Subhash Chandra’s Zee Group for Rs 1,900 crore ($283 million) including debt.
The deal is the latest asset sale by Ambani’s Reliance Group as it strives to reduce borrowings that have crimped growth at the conglomerate which operates in sectors ranging from telecom and financial services to power and defence.
Other Media Deals
The deal marks the latest acquisition by Subhash Chandra’s sprawling media empire that is also known as Essel Group.
Two weeks ago, NASDAQ-listed direct-to-home TV company Videocon d2h Ltd announced its merger with Essel Group firm Dish TV Ltd to create the largest Indian listed media firm by revenues.
Dish TV is already the single-largest distributor of television service in India and the new entity–Dish TV Videocon Ltd—will reach one in six television households in the country.
In September, Zee Entertainment entered the radio business with the acquisition of UAE’s first radio station, Hum 106.2 FM. The deal gives Zee exposure to TV, radio and digital entertainment business in the region.
In another recent media deal, Goldman Sachs-backed cable television distribution company DEN Networks Ltd last week sold an additional 25% stake in the Indian Super League football club Delhi Dynamos to Wall Street Investments Ltd.
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