Indian media giant Zee Entertainment has agreed to acquire the general entertainment television broadcasting business of billionaire Anil Ambanis Reliance Group. Punit Goenka MD CEO ZEELThe much speculated move will see Reliances TV broadcasting business, which currently comprises two operational general entertainment channels BIG Magic and BIG Ganga and four other TV licensees, becoming part of the Zee Entertainment Enterprises Ltd (ZEEL) family through a court-approved scheme. Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited will be acquired by ZEEL through a scheme of demerger and execution of definitive agreements. We are pleased to announce this acquisition which further adds to our expanding universe of general entertainment channels. BIG Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga, a leading Bhojpuri channel, syncs with our strategy of expanding into the regional markets which offers attractive growth potential. I am confident that these two channels will make the ZEE Network channels more enriching for the audience and for the company, said Punit Goenka, MD & CEO, ZEEL (pictured). Sam Ghosh, ED and group CEO, Reliance Capital, added: We are happy to divest 100% of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital. In addition, ZEELs sister company Zee Media Corporation Limited (ZMCL) will acquire a 49% stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network. Reliance Capital informed the stock exchanges that by selling its radio and TV assets it would reduce its debt by about US$283 million.