MUMBAI: Speculative reports this afternoon on a possible sell-off of Anil Ambani's Reliance Broadcast Network Limited's (RBNL) to Subhash Chandra's Zee Entertainment Enterprises Ltd (ZEEL) in order of "reduce debt" have raised many an eyebrows.

The report mentioned that the company was looking to offload up to 49 per cent stake in RBNL, which operates the channels Big Magic and Big Ganga as well as the Big FM radio network.

However, denying the same and putting an end to all rumours, RBNL CEO Tarun Katial tells Indiantelevision.com, "The rumors have no truth in them. I deny any such development, we have no sell-off plan and we are functioning normally."

Of RBNL's two channels, while Big Magic operates in the Hindi space, Big Ganga caters to the entertainment needs of Bhojpuri audiences. The Bhojpuri channel has even been performing well on the ratings front and has been a market leader in the genre according to Broadcast Audience Research Council (BARC) data.

On the other hand, Big FM has a presence in as many as 45 cities across the country.