Sony Pictures Networks India on Wednesday announced it is acquiring the sports broadcasting business of Zee Entertainment for $385 million in an all-cash deal.
"Zee's 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," a company statement said.
TEN Sports holds cricket rights in South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe.
It also holds the rights for world wrestling, some football leagues, WTA and ATP tennis events, golf tours, Asian and Commonwealth Games athletics, motor sports and cycling events, including Tour de France.
"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," said NP Singh, CEO, Sony Pictures Networks India.
"This is a landmark deal for ZEE and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets," added Punit Goenka, Managing Director, Zee Entertainment Enterprises.
Sony Pictures Networks' sports properties include cricket (IPL, CPL, Ram Slam), football (FIFA 2018 World Cup Russia, UEFA Euro 2016, FIFA World Events including FIFA U-17 World Cup 2017 in India, European and South American Qualifiers for FIFA WC 2018, FIFA Confederations Cup, LaLiga, Serie A, FA Cup, Copa America Centenario, International Champions Cup), tennis (Australian Open, ATP 1000 and 500 World Tour Events, Champions Tennis League), fight sports (TNA, UFC, Pro Wrestling League), basketball (NBA) as well as NFL and Premier Futsal.
ZEEL had bought TEN Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006.
Completion of the acquisition is subject to regulatory approval.