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Zee TV bids to buy Star

$250 mil in Rupe's corner

NEW DELHI — Zee TV is reported to have offered $250 million to Rupert Murdoch to buy the four channels of Star TV India.

Murdoch is in discussion with Zee TV chairman Subhash Chandra to hand over the management of the four channels — Star Plus, Star Movies, Star News and Star World.

Chandra is reportedly balking at Star’s accumulated losses, estimated at around $250 million, and at keeping on Star’s current employees.

Rathikant Basu, STAR TV CEO, told Daily Variety: “It’s an ownership issue and we as employees cannot comment.” Basu added, “Since I took over 22 months ago, the Indianisation process of Star was put into place and Star India now contributes 70% of Star TV Asia’s income.”

Chandra, meanwhile, is believed to have hired Goldman Sachs to work on an evaluation of Star’s assets.

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