Bennett, Coleman in race to buy Neo Cricket, Neo Sports

Niraj Rathod

29 Oct 2011
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India’s largest diversified media conglomerate Bennett, Coleman and Co Ltd (BCCL), popularly known as the Times Group, has joined the race to pick up a majority stake in the two sports channels of Nimbus Communications.

The two channels — Neo Cricket and Neo Sports — are housed under Neo Sports Broadcast Ltd, a subsidiary of Nimbus.

Even though Nimbus is the principal shareholder in the entity, it has some other financial institutions and investors like PE giant 3i as well. Neo had actually formalised the process of roping in a partner — financial or strategic — and had mandated two investment banks, Barclays Capital and Avendus, to help in the exercise.

Interestingly, sources familiar with the developments say the Times

Group has also shown preliminary interest in buying out the Hyderabad-based Associated Broadcasting Company Limited (ABCL), which owns several regional language satellite television channels under the TV9 brand.
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