HOME > BUSINESS > Zee Entertainment sells Ten Sports to Sony Pictures for Rs 2,600 cr

Zee Entertainment sells Ten Sports to Sony Pictures for Rs 2,600 cr

ten-hdSony Pictures Networks India (SPN) said it will acquire TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries for 385 million U.S. dollars (around Rs 2,600 cr).

The acquisition will add South Asia’s leading sports network to SPN’s existing portfolio of channels and help Sony to compete better with Rupert Murdoch’s Start Sports network — currently the biggest player in India’s sports entertainment market.

For Zee, the deal represents an exit from a business that has been rather temperamental in its performance. Zee had been forced to make huge investments into the Ten Sports network, but has not been able to get the expected returns.

Andy Kaplan, President, Worldwide Networks, Sony Pictures Television: “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.”

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. 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.

Long a television destination for sports fans, SPN sports properties include cricket (IPL, CPL, Ram Slam), football (FIFA 2018 World Cup Russia, UEFA Euro 2016, FIFA World Events including FIFA U-17 World Cup 2017 in India, European and South American Qualifiers for FIFA WC 2018, FIFA Confederations Cup, LaLiga, Serie A, FA Cup, Copa America Centenario, International Champions Cup), tennis (Australian Open, ATP 1000 and 500 World Tour Events, Champions Tennis League), fight sports (TNA, UFC, Pro Wrestling League), basketball (NBA) as well as NFL and Premier Futsal.

NP Singh, CEO, Sony Pictures Networks India said the acquisition of TEN Sports Network will strengthen SPN’s offering for viewers of cricket, football and fight sports.

“It also aptly demonstrates SPN’s commitment to providing a broad range of sporting entertainment to fans across India and the sub-continent.”

Punit Goenka, Managing Director, Zee Entertainment Enterprises Limited (ZEE): “This is a landmark deal for ZEE and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets. While we have grown our sports business over the last 10 years through acquisition of content at competitive prices, our focus now is on transforming ourselves into an all-round media and content company, comprising of five verticals, viz. broadcast, digital, films, live events, and international business; and we continue to move rapidly towards our set business goals. While I have al towards our set business goals. While I have always been proud of our sports business, I strongly believe that Sony will add more value to it by taking it to even greater heights. I wish them all the success.”

Follow ULTRA.news
Reliance Capital receives Rs 378 cr from Nippon Life for AMC stake Anil Ambani Group's Reliance Capital said it received Rs. 378 crore from Nippon Life Insurance, one of the largest life insurers in the world, after the foreign company increased its stake in Reliance Nippon Life Asset Management Limited to 49%.The original agreement to incre...
Bajaj Auto, KTM decide to invest into Husqvarna motorcycle brand Bajaj Auto said it agreed with its Austrian associate KTM to expand the brand sales and shift some of the production of Husqvarna motorcycles to Bajaj's factory in Chakan, Maharashtra.The brand Husqvarna, founded in 1903 in Italy, used to be owned by BMW at one time. It was b...
News Corp buys Bangalore-based media software firm GyanMatrix Rupert Murdoch's News Corp announced yet another acquisition in India with the agreement to purchase Bangalore-based GyanMatrix Services Private Limited.P Hariharan, founder GyanMatrixThe company, which provides software solutions for media and publishing companies, will...
HPCL appoints bankers for Rs 6,000 cr FCCB issue Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds.The bonds will be non-convertible, and will be issued if the meetings disco...
Anil Ambani Group ties up with Thales for Rafale contracts Reliance Defence, the defence manufacturing arm of the Anil Ambani group, said it will form a joint venture in India with global defence manufacturer Thales to carry out some contracts related to the Rafale jet deal.The Indian company will hold 51% of the equity while the fo...
Axis Bank confirms exiting POS maker Mswipe Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies.In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share.Mswipe is one of the new generation, low-cost ...
Grasim-Adiya Birla Nuvo merger approved, ABFSL listing soon The Aditya Birla Group said it got the approval of the Company Law Tribunal for the merger of Aditya Birla Nuvo Ltd and Grasim industries Ltd and the listing of Aditya Birla Financial Services Ltd.The approval was obtained from the Ahmedabad bench."The approved Scheme ha...
Sun TV could benefit from RCom’s financial troubles Newer equipment from Reliance Digital TV come with Chois HD 4K brandingSun Direct, the DTH arm of Sun TV, could end up benefiting from the financial troubles faced by Anil Ambani Group's Reliance Communications.Speaking to media yesterday, Reliance Communications top hon...
Bharti Airtel gets SEBI and stock exchange nod for Telenor acquisition Bharti Airtel said it received the approval of the Securities and Exchange Board of India, BSE and National Stock Exchange of India for its proposed merger with Telenor India. Bharti Airtel further stated that Telenor India and Airtel have today filed the joint company appli...
Zee launches ‘nationalist’ news channel Hindustan with no TRP obsession Zee Media Ltd, the news broadcasting company of the Essel Group, has launched Zee Hindustan, a self-described 'nationalist' Hindi news channel.Most Indian news channels are 'nationalist' already, and it is unclear how the new venture from the media house plans to be suffi...
RCom shareholders approve Aircel merger The shareholders of Reliance Communications approved the demerger of the wireless operations of the company into Aircel Limited and Dishnet Wireless Limited, the Anil Ambani Group company said.The Scheme was also approved at a meeting called on the directions of the National ...
Airtel buys high-capacity 4G spectrum from Tikona in five circles Airtel Chairman Sunil MittalBharti Airtel said it has agreed to buy 4G spectrum from Tikona Digital Networks in five telecom circles, giving the company a pan-India footprint in the crucial capacity band and helping it compete on an even footing with Reliance Jio.Airtel ...
Vodafone Idea merger to save Rs 7,000 cr per year; one-time cost Rs 3,000 cr The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said.However, due to the applicability of spectrum caps on the combined entity, the deal will al...
Competition Commission clears RCom-Aircel merger Anil Ambani Group said the Competition Commission of India has cleared the merger of its telecom unit Reliance Communications with the wireless operations of Aircel Cellular, owned by Maxis Berhad of Malaysia.The clearance was expected since the two companies have very small ...
MTNL says not aware of BSNL merger talks; stock up 16% Mahanagar Telephone Nigam Ltd, the state-owned telecommunications operator in the metro areas of Delhi and Mumbai, said it was not aware of any 'restarting' of talks related to its merger with Bharat Sanchar Nigam Ltd, the pan-India telecom operator owned by the public."We ar...
Bharti Airtel buys Telenor India In a surprise announcement, Bharti Airtel said it was taking over Telenor India, marking the first such transaction since Idea took over Spice Telecom several years ago.Typically, companies in Indian telecom sector sell only assets, such as spectrum, and never the whole unit,...
Siti to launch cable broadband in five Indian cities as Jio expands Zee Group-owned Siti Cable will launch high-speed broadband services in five different cities by June this year, company sources revealed.Siti Cable, a brand of Siti Networks, currently operates broadband services in Delhi, Hisar, Rohtak and Karnal. The new locations are ...
India Oil, BPCL, HPCL merger will reduce wastage of resources- Fitch A proposed merger of Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp will reduce inefficiencies across the sector and result in enormous savings, ratings agency Fitch said.It would also create an entity that is better placed to compete globally for resourc...
Wipro buys InfoSERVER, a Brazilian IT outsourcing company Weeks after acquiring Appirio, Wipro is at it again. This time, it is buying InfoSERVER, an IT services provider focused on the Brazilian market, for $8.7 Mn (Rs 60 cr). Two-decade old InfoSERVER provides custom application development and software deployment services, th...
Idea Cellular – Vodafone merger announcement soon? Idea Spectrum HoldingIdea Cellular has put off the trimonthly meeting of its board of directors scheduled to take place tomorrow, raising speculation that it may soon announce a merger or deal with Vodafone India.The meeting was supposed to take on-board results  of the ...
Tata Steel acquires Brahmani River Pellets at Rs 900 cr EV Tata Steel Limited said that it has executed definitive agreements to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from Aryan Mining and Trading Corpn Private Limited (AMTC) and other companies in the Moorgate Industries Group (MIG).The transaction...
Reliance Communications sells its towers to Brookfield for $1.6 bln Reliance Communications Ltd announced the signing of binding agreements with Brookfield Infrastructure for the sale of nationwide tower assets to Brookfield Infrastructure Partners LP and its institutional partners.RCOM will receive an upfront cash payment of Rs. 11,000 c...
Cipla redraws Iran plans with new agreement, to invest Rs 121 cr Cipla said its wholly owned subsidiary of the Company in Netherlands will set up a 75% joint venture with Ahran Tejarat Company for manufacturing and marketing of pharmaceutical products in Iran.An earlier agreement executed by the Company with the Iranian firm has been termi...
Anil Ambani’s Reliance Infra sells transmission assets to Adani Following on the heels of its announcement to sell its transmission assets to Adani Group, Reliance Infrastructure today said it has signed a share purchase agreement with Adani Transmission for the sale of 100% of its Western Region System Strengthening Scheme Transmission Asset...
Anil Ambani Group sells 2 TV channels, 59 FM stations to Zee Subash Chandra's Zee Group is buying the general entertainment channels and FM radio business of the Anil Ambani group.Because of lock-in provisions, the acquisition of 59 FM radio licenses will be done in two stages.The FM channels are being broadcast under the brand “92...