MUMBAI, Nov 23 (Reuters) - India's Zee media group has
agreed to buy television channels and a stake in a radio
broadcasting business from billionaire Anil Ambani's Reliance
Group in a move that would help the latter cut its debt by about
19 billion rupees ($277 million), the two sides said on
Zee Media Corp Ltd will initially buy a 49 percent
stake in Reliance Group's FM radio business that operates
stations in 45 cities and has rights to frequencies for 14 new
channels, the two sides said in a joint statement.
Both companies will have a call/put option for the remaining
51 percent stake after a stipulated lock-in period, they said.
In a separate deal, Zee Entertainment Enterprises Ltd
will buy two general entertainment channels and four
licences to run TV channels from the Reliance Group.
Reliance Capital Ltd, which owns the radio and
television businesses, will use the proceeds to cut its debt,
according to the statement.
($1 = 68.6905 Indian rupees)
(Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)