Marking the second largest deal in media and entertainment in recent times, Sony Pictures Networks India (SPN) has bought media firm Zee Entertainment Enterprises (ZEEL)-owned Ten Sports bouquet of channels for $385 million (approximately Rs 2,600 crore) in an all-cash deal.
With this, SPN has cemented itself as a strong competitor to Star India, increasing its bouquet strength to nine channels in the country. Star India operates eight sports channels under the Star Sports brand.
“The board of directors of the company approved the sale and transfer of the ‘sports broadcasting business’ of the company...to SPN and its affiliates at an aggregate all-cash consideration of $385 million,” ZEEL said.
Sports broadcasting business accounted for Rs 631 crore revenue in the company’s consolidated revenue and net loss of Rs 37.20 crore for FY16. ZEEL had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir’s Taj Group in 2006.
“We have maintained that sports is one of the three pillars of our business and we have been investing significantly in acquiring properties that support this strategy. The sports properties that Ten has - whether it’s the five cricket boards, World Wrestling Entertainment (WWE) or read more..
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