This comes a few months after Essel Group, which owns a 41.6% stake in Zee, which operates a raft of television services including more than 65 entertainment channels, revealed that it was looking to sell part of its stake following a strategic review.
The company, which is owned by Subhash Chandra, hired Goldman Sachs as its investment banker and LionTree as its international strategic adviser to help sell the stake as part of a “strategic review of its businesses in view of the changing global media landscape”.
Indian press, including CNBCTV18, has reported that Sony is among a number of suitors for the stake with other possible bidders including Comcast and Chinese companies Tencent and Alibaba.
The move would greatly increase Sony’s presence in India, one of the fastest growing entertainment markets in the world. It currently operates nearly 30 channels including SET and AXN, has a large presence in sports media as well as OTT platform Sony LIV.
Local media reports suggest that the first round of bids is expected to kick off over the next few days.