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ZEEL concludes sale of TEN Sports Network to Sony Pictures

19 Sep 2017 Evaluate

Zee Entertainment Enterprises (ZEEL) has concluded two-step sale of its sport business ‘TEN Sports Network’ to Sony Pictures and received $36.32 million in the second phase.

Last year in August, ZEEL had announced it would sell its sports channel Ten Sports to Sony Pictures Networks for $385 million in an all cash deal. The company and Sony Pictures Network India (SPNI) have mutually concluded closure of transaction upon receipt of remittance of consideration of $36.32 million from SPNI.

ZEEL had in February completed the first phase of the sale for $330 million. The adjustment of the consideration amount is mainly consequent to retention of a lease hold immovable property at Dubai by Taj TV, Mauritius and certain working capital adjustments of the sports business as per the agreement.

Zee Entertainment Enterprises 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.

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86.75 -0.95 (-1.08%)
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