Zee Entertainment Completes Sale Of Ten Sports To Sony
Zee entertainment sells Tens Sports to Sony Pictures Networks India.
Zee Entertainment Enterprise Ltd. said it has completed two-step sale of its sports business, Ten Sports Network, to Sony Pictures and received $36.32 million (about Rs 232 crore) in the second phase.
In August last year, Zee Entertainment 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) has “mutually concluded closure of transaction upon receipt of remittance of consideration of $36.32 million from SPNI,” the company said in a BSE filing.
In February, ZEEL had completed the first phase of the sale for $330 million.
“The adjustment of the consideration amount interalia is mainly consequent to retention of a leasehold immovable property at Dubai by Taj TV Ltd., Mauritius and certain working capital adjustments of the sports business as per the agreement,” Zee Entertainment said.
The company had bought TEN Sports from Dubai-based Abdul Rahman Bukhatir’s Taj Group in 2006.
The stock ended 1.8 percent higher at Rs 543.70 on the National Stock Exchange.