MUMBAI: Sony Pictures Networks India (SPN) and its affiliates have completed the first phase of a two-phase acquisition of the TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries.
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.
It was on August 31, 2016, that the Subshash Chandra controlled media major agreed terms to sell the TEN Sports network to Sony in a $385-million (about Rs25.79 billion) all cash deal.
NP Singh, CEO, SPN noted: “I am delighted that the teams from SPN and Zee have completed this core phase of the transaction in good time. SPN is now equipped, better than ever, to offer its viewers premium sporting content with a sports portfolio that includes every major sport and many international as well as domestic leagues. We are now stepping into the integration process to facilitate a seamless transition.”
Punit Goenka, managing director, Zee Entertainment Enterprises Limited, added: “Great job done by the teams from SPN and Zee in facilitating the closure of this phase of the transaction. I am confident that the TEN Sports Network will reach new levels of consumer engagement under the nurturing guidance of SPN. I wish them the best. I’ll be tuning in regularly.”