ZEEL broadcasts new 52-week high on sale of Ten Sports

Sony Pictures Networks India (SPN) has  entered into a definitive agreement to acquire TEN Sports Network from Zee Entertainment Enterprises (ZEEL). The transaction cost for the deal is USD 385 million (Rs 2579 crore). Post-acquisition, SPN will own South Asia’s leading sports network with its existing portfolio of channels.

The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket and TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean.

ZEEL had grown its sports business over the last 10 years through acquisition of content at competitive prices. The reason behind sale is strategic product portfolio shuffle and as a part of growth of general entertainment business in domestic and overseas markets.

The share price of ZEEL has increased by 2.77 per cent on bourses in early trades; and is trading at Rs 538.55 on an intraday basis. The company’s share price has hit 52 weeks' high at Rs 543.85 on an intraday basis.

ZEEL operates in the content and broadcasting segment. The company offers content in multiple languages and offers around 36 international channels. It has a library, housing over 2 lakh hours of television content. ZEEL holds rights to approximately 3500 movie titles. The company has operations across around 169 countries.