Sony Pictures to acquire Ten Sports from Zee

August 31, 2016 12:21

Zee Entertainment says Sony Pictures to acquire Ten Sports from Zee, Reuters reports.

Multiple sources had earlier reported that Sony Pictures Network India was close to acquire Ten Sports for about Rs 2,000 crore, a deal that will make sports broadcasting in India a duopoly of 21st Century Fox-owned Star India and Japanese giant Sony Corp-owned SPN.

"ZEE has been looking to sell Ten Sports for some time as Chandra and his son Punit Goenka (MD at ZEE) are not much inclined towards running a lossmaking sports business," a highly-placed source in ZEE had told the Economic Times.

Zee had bought 50 percent stake in Ten Sports in 2006 for an enterprise value of $114 million or roughly Rs 800 crore.

Ten Sports contributes about 15 percent to Zee's total sales. However, Zee has wanted to exit this business as it incurred earnings before interest and tax loss of nearly Rs 100 crore.

If it goes through, the deal will be positive for Zee with fund inflow of nearly Rs 2,000 crore and exit from a loss making business. Sony, on the other hand, will get additional channels in its Sports bouquet to compete with Star India.

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