Zee Entertainment Enterprises has got the nod for the sale and transfer of the Sports Broadcasting Business through wholly owned subsidiaries Taj TV, Mauritius and Taj Television to Sony Pictures Networks India and its affiliates at an aggregate all-cash consideration of $ 385 million. In connection with this transaction, the company and its subsidiaries have executed relevant binding agreement. The company’s board of Director at the meeting held on August 31, 2016 has approved for the same.
Sports Broadcasting Business contributed Rs 631 crore or 10.79% of the consolidated revenue and reported a loss of Rs 37.20 crore during financial year 2015-16.
ZEEL is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world, with an extensive library housing over 120,000 hours of television content.
