Subhash Chandra’s Zee sells Ten Sports to Sony for $385 million
1 Sep 2016 10:59 PM GMT
“SPN and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries for $385 million,” the company said in a statement.
The acquisition is subject to regulatory approval. The Ten Sports Network acquisition will add South Asia’s leading sports network to SPN s existing portfolio of channels, it added. “The acquisition of TEN Sports Network will strengthen SPN s offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties. It also aptly demonstrates SPN s commitment to providing a broad range of sporting entertainment to fans across India and the sub-continent,” SPN Chief Executive Officer N P Singh said.
The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean. “India has been a strong driver of Sony Pictures’ growing networks business for two decades, and sports continue to play a significant role in that growth.
The acquisition of Ten Sports, following the launch of Sony ESPN channels, will mean that our Indian networks would reach over 800 million viewers and broadcast many of the most popular and prestigious sporting events in the world,” Sony Pictures Television President, Worldwide Networks Andy Kaplan said. TEN Sports holds broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe).
In addition, Ten Sports holds rights to wrestling (WWE), football (UEFA Champions League, UEFA Europa League, French League, English Football League Cup), tennis (WTA Events, ATP events), golf (European Tour, Asian Tour, Ryder Cup, US PGA Championship, LPGA Tour, Professional Golf Tour of India and Golf Channel Block), athletics (Asian Games, Commonwealth Games), motor sports (Moto GP) and cycling (Tour de France) events.
Zee scrip up 2%
Shares of Zee Entertainment Enterprises rose nearly 2 per cent on Wednesday after it sold its sports channel Ten Sports to Sony Pictures Networks for $385- million (about Rs 2,579 crore) in an all-cash deal.
The scrip gained 1.97 per cent to end at Rs 539.65 on BSE. During the day, it jumped 2.76 per cent to Rs 543.85 -- its 52-week high. At NSE, shares of the company rose by 1.94 per cent to end at Rs 539.50.
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