Sony Pictures Networks to buy Ten Sports Network for 2,600 cr
Sony Pictures Networks India (SPN) has entered into definitive agreements with Zee Entertainment Enterprises Limited and its subsidiaries under which it would acquire Ten Sports Network from the latter for $385 million (around Rs 2,600 crore).
Hyderabad: Sony Pictures Networks India (SPN) has entered into definitive agreements with Zee Entertainment Enterprises Limited and its subsidiaries under which it would acquire Ten Sports Network from the latter for $385 million (around Rs 2,600 crore).
“The acquisition of Ten Sports, following the launch of Sony ESPN channels, will mean that our Indian networks would reach over 800 million viewers,” Andy Kaplan, President (worldwide networks), Sony Pictures Television, said in a statement on Wednesday.
The acquisition will add five sports channels – Ten 1, Ten 1 HD, Ten 2, Ten 3 and Ten Golf HD to SPN’s existing bouquet of channels. The deal also includes Ten Cricket and Ten Sports, which operate in several countries including the Indian sub-continent, the Maldives, Singapore, Hong Kong, West Asia and the Caribbean.
TEN Sports holds the broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe), besides wrestling (WWE), football, tennis (WTA Events, ATP events), golf, athletics (Asian Games, Commonwealth Games), motor sports (Moto GP) and cycling (Tour de France) events.
“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,” said NP Singh, Chief Executive Officer of SPN.
“While we have grown our sports business over the last 10 years through acquisition of content at competitive prices, our focus now is on transforming ourselves into an all-round media and content company, comprising five verticals – broadcast, digital, films, live events and international business,” said Punit Goenka, Managing Director of Zee Entertainment.
