Zee seeks more time to up stake in Ten Sports

Zee ” which bought its stake three years ago, based on the Rs500 crore evaluation of the company ” was to increase its stake by October 31 this year. At that stage, the evaluation would have been based on the 2006 numbers. Observers say that now Zee could raise its stake to 90% or indeed even buy out Taj TV's 50% stake.

Reports have quoted Subhash Chandra, the owner of Zee, conceding that if his company failed to buy the remaining stake by the November deadline, it would have to acquire it at a valuation determined by Taj.

That was likely to be higher than the 2006 valuation, Chandra has reportedly said. It is believed that Zee wants Taj to retain 5-10% of its stake because it has a linkages with west Asian cricket boards.