Sony Pictures Networks India (SPN) on Wednesday Aug 31,2016 said it has signed a definitive agreement to acquire Ten Sports Network from Zee Entertainment Enterprises for USD 385 million.
The acquisition is subject to regulatory approval. The Ten Sports Network acquisition will add South Asia's leading sports network to SPN s existing portfolio of channels, it added.
"The acquisition of TEN Sports Network will strengthen SPN s offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties. It also aptly demonstrates SPN s commitment to providing a broad range of sporting entertainment to fans across India and the sub-continent," SPN Chief Executive Officer N P Singh said.
The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean.
"India has been a strong driver of Sony Pictures' growing networks business for two decades, and sports continue to play a significant role in that growth. The acquisition of Ten Sports, following the launch of Sony ESPN channels, will mean that our Indian networks would reach over 800 million viewers and broadcast many of the most popular and prestigious sporting events in the world," Sony Pictures Television President, Worldwide Networks Andy Kaplan said.
TEN Sports holds broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe).
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