Zee Entertainment Enterprise (ZEEL) today said it has completed the first phase of a two -phase sale of its sport business, TEN Sports Network, to Sony Pictures and received USD 330 million (about Rs 2,200 crore). “The first phase of transaction inter alia comprising the sale of entire equity stake of the company in Taj-India and transfer of major part of the ‘Sports Broadcasting Business’ of Taj- Mauritius stands concluded today upon receipt of USD 330 million,” ZEEL said in a BSE filing.
It further said: “The second phase of transaction is expected to be concluded within next few months.”
In August last year, ZEEL had announced it will sell its sports channel Ten Sports to Sony Pictures Networks for a USD 385-million (about Rs 2,579 crore) in all cash deal.
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Following the completion of this phase of the acquisition, SPN’s cluster of nine sports channels will now include Sony SIX and Sony Six HD, Sony ESPN and Sony ESPN HD, TEN 1, TEN 1 HD, TEN 2, TEN 3, and TEN Golf HD.
“Certain other operations and assets will be included in the final phase of the acquisition, subject to certain closing conditions, which is expected to be completed in the next few months,” Zee said.
Zee’s Sports Broadcasting Business accounted for Rs 631 crore revenue in the company’s consolidated revenue and net loss of Rs 37.20 crore for the fiscal 2015-16.
ZEEL had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir’s Taj Group in 2006.