Zee Entertainment Enterprises has declared its third qurter results of FY10. Its revenues were down by 3% to Rs 530.93 crore versus Rs 545.58 crore, YoY.
Operating profit margin improved to 29.6% versus 22% and PAT increased to Rs 146.43 crore versus Rs 83.97 crore, YoY.
The company's board has approved acquisition of 45% additional stake in Ten Sports in an all cash deal.
It is also going to buy 45% in arm Taj TV (Taj) and 50% in its arm Taj TV India. Zee Entertainment's total transaction will be at USD 44.14 million.
Zee acquired initial 50% in Ten Sports in FY07 for USD 114 million.
Taj is 50% subsidiary of Zee and operates Ten Sports.
Source: Moneycontrol.comCourtesy moneycontrol.com
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