Cable TV distributor and multi system operator Den Networks is going to sell 55% of DEN Sports (which owns Delhi Dynamos, the Indian Super League football sports team) to Wall Street Investments for Rs 43.32 crore ($6.5 million), reports PTI.
This will include the sale of shares from Den Network and preferential allotment by DEN Sports, the company said in a BSE notification. Den Networks held 100% equity shares in DEN Sports, which owns 100% equity shares in DEN Soccer.
Last month, Den Networks exited (pdf) its 50:50 joint venture Star Den with Star India by selling its stake for Rs 40.53 crore. The joint venture was announced in 2008 for distribution of TV channels in India through fixed networks and was an exclusive distributor for all Star India channels in the domestic network.
FIPB for primary market route: In November 2015, Den Networks filed an application with the Foreign Investment Promotion Board (FIPB) to modify the approval to include the primary market route as well. The primary market route could include issuing long term securities to include equity, quasi equity, GDR, QIP, FCCB, preferential allotment, bonds etc. subject to shareholder approval and other laws. In July last year, the company received clearance from the FIPB to increase its foreign investment limit from its then 49% to 74%, which had been deferred in June.
Snapdeal-Den shopping TV channel: In January 2015, e-commerce player Snapdeal and Den launched a new TV shopping channel known as “Den Snapdeal TV Shop”. The channel would be available to all of Den’s subscribers and extend to other cable and DTH players by June. This was essentially an extension of the pilot announced in September 2014.
Other developments in the sports domain:
– Last month, BookMyShow acquired Fantain Sports, a Chennai based fan management and analytics startup, for an undisclosed amount, to expand its reach and grow its user base.
– In the same month, Times Internet* acquired US-based sports broadcaster Willow.tv. In February, it got exclusive licenses for digital video clip rights for all ICC events from 2016 to 2019 for the US and Canada.
– In the same month, the International Cricket Council (ICC) appointed Novi Digital Entertainment as the exclusive digital clips licensee for all ICC events from 2016 to 2019.
– In the same month, electronics manufacturer Intex bagged the rights to own the Rajkot franchise for the Indian Premier League (IPL) series.
– In November 2015, Reliance Industries appointed Sundar Raman as the CEO-Sports. Raman would be responsible for consolidation and integration of RIL’s sports properties, including integration with digital services offered by Jio.
Disclaimer: Times Internet is an advertiser with MediaNama.