Indian pay-television operator Zee Entertainment Enterprises has said the sale of its sports business, Ten Sports, to media group Sony Pictures Networks India has been completed following the agreement of a revised deal.
Zee in February said the first phase of the sale had been concluded after Sony in January was granted approval by the Competition Commission of India for its acquisition of Ten Sports.
Approval from the CCI paved the way for Sony to become the dominant player in the Indian sports media market. Sony in August entered into a definitive agreement to acquire Ten Sports in a deal valued at $385m (€323m).
Of the proposed $385m, $330m changed hands in February but Zee has now said fresh terms have been agreed following delays in completing the second phase.
In a statement to the Bombay Stock Exchange, Zee said it and Sony had “mutually concluded closure of transaction upon receipt of remittance of consideration of $36.32m from SPNI.”
Zee added: “The adjustment of the consideration amount interalia is mainly consequent to retention of a lease hold immovable property at Dubai by Taj Tv Ltd, Mauritius and certain working capital adjustments of the sports business as per the agreement.”
In July, Sony Pictures Networks India launched two new channels amid an overhaul of its sports platform in the Indian subcontinent. Sony Ten 2 HD and Sony Ten 3 HD will sit amongst 11 channels with the company taking its sports operation under the Sony Pictures Sports Network banner.
The move incorporated the channels brought in through the acquisition of Ten Sports. Under the new channel line-up, Sony Six and Sony Six HD will focus on cricket, Sony Ten 1 and Sony Ten 1 HD will be the home of wrestling and Sony Ten 2 and Sony Ten 2 HD will offer football.
Sony Ten 3 and Sony Ten 3 HD will offer the best of the sporting action in Hindi, while Sony ESPN and Sony ESPN HD will focus on international sports and Sony Ten Golf HD will be the home of golf.
Ten’s sports-rights properties had included football’s Uefa Champions League and Europa League; cricket from the Pakistan Cricket Board, West Indies Cricket Board, Sri Lanka Cricket and Cricket South Africa; golf’s Ryder Cup, European Tour and Asian Tour; multi-sport events in the form of the Asian Games and Commonwealth Games; and tennis in the form of men’s ATP events and women’s WTA tournaments.
Ten Sports was acquired in 2010 by Zee when it bought the UAE-based Taj Television.