Airtel says it’s not in race to acquire Zee Entertainment

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Updated: April 5, 2019 7:20:07 AM

A representative for Zee told Bloomberg that the company doesn’t comment on speculation though it is in “steady dialogue” with potential partners.

The Bloomberg report said Bharti Airtel has started due diligence of Zee Entertainment Enterprises and is expected to make a formal proposal soon. The report further said that Reliance Jio

Bharti Airtel on Thursday categorically denied that it was in race to acquire Subhash Chandra’s Zee Entertainment. In a statement to the media, a Bharti spokesperson said, “Airtel is not in the race to acquire Zee.”

Bharti’s statement came after news agency Bloomberg ran a story that Reliance IndustriesMukesh Ambani and Bharti’s Sunil Mittal are considering competing bids for a stake in troubled Indian
television network, Zee Entertainment, quoting unnamed sources.

The Bloomberg report said Bharti Airtel has started due diligence of Zee Entertainment Enterprises and is expected to make a formal proposal soon. The report further said that Reliance Jio

Infocomm is also considering a bid.

A representative for Zee told Bloomberg that the company doesn’t comment on speculation though it is in “steady dialogue” with potential partners.

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