Report: Sony looks to India as it eyes Zee Entertainment stake

Sony Corporation is in the running to pick up a stake in Zee Entertainment after its owner Essel Group put it out for sale, according to CNBC TV18.

Essel revealed in November that it would sell a part of its stake in Zee to a global strategic advisor.

Sources told the publisher that the Sony is looking to expand its business in India and will consider bidding for the channel. Comcast, Tencent and Amazon are also said to be in the fray and exploring the deal.

The move arrives after Sony gave up on a bid for 21^st Century Fox assets before it was eventually acquired by Disney for US$71.3 billion. As a result of the move Disney will have a prominent presence in the territory through Star India, which it inherited from Fox.

So far, Sony has a presence in the territory through Sony Entertainment Television India and is looking to further compete in this market.

India has become a key territory for development in recent years, with the likes of Netflix and Amazon all competing to establish a significant audience in the territory, which has a quickly growing middle income population.