Zee Entertainment Completes $385M Sale Of Ten Sports To Sony
Zee Entertainment Enterprise said that it completed a two-step sale of its sport business, Ten Sports Network, to Sony Pictures and received $36.32M in the second phase, according to the PTI. In Aug. '16, Zee announced it would sell Ten Sports to Sony Pictures Networks for $385M in an all cash deal. The company and Sony Pictures Network India "mutually concluded closure of transaction upon receipt of remittance of consideration" of $36.32M from SPNI, the company said in a BSE filing (PTI, 9/18). TELEVISION POST reported explaining the decline in the original deal value, Zee said that the adjustment is "mainly due to retention of a leasehold immovable property at Dubai (which earlier formed part of the transaction) by Taj TV, Mauritius and certain working capital adjustments of the sports business as per the terms of agreement." Recently, Sony lost the Indian Premier League TV rights to Star India. In the new auction, Star acquired the global media rights of the IPL for a "whopping" Rs 16,347.5 crore ($2.4B) for a period of five years through '22 (TELEVISION POST, 9/19).