Sony to acquire Ten Sports for $385m
Sony Pictures Networks India have agreed to acquire Ten Sports network from Zee for almost $385 million. The channels that would be acquired include Ten 1, Ten 1 HD, Ten 2, Ten 3, Ten Golf HD, Ten Cricket and Ten Sports. The acquisition will open sports broadcast markets across the Indian sub-continent, Maldives, Singapore, Hong Kong, West Asia and the Caribbean for Sony.
Ten Sports is a sports network owned by Indian media group Zee Entertainment Enterprises. It is the leading sports channel in Asia and has viewership in more than 169 countries. The company was launched in April 2002 as Taj Television in UAE and was acquired by Zee in 2006. Ten Sports has various channels telecasting of cricket, tennis, golf, football and many more.
Sony Pictures Networks India (SPN) is an Indian company which handles the business of Japanese giant Sony Pictures in India. Sony has about 100 SD and HD channels in entertainment, movies and sports. Sony Entertainment Television, SAB TV, SonyMix, SonySix are few of the main channels of the network. Indian businessman N. P. Singh is the Chief Executive Officer of SPN since 3 January2014.
Sony Pictures Networks India had reportedly earned Rs.1200 crore from advertisements during the Indian Premier League Season 9. It was 20% more than what SPN earned from the previous season of IPL.
The owner of Zee Entertainment Enterprises Subhash Chandra is all set to sell Ten Sports to Sony Pictures Network in a deal which will be announced in the next three to four weeks. Sources have confirmed that the deal is underway and the headquarters of Sony in Japan has also given a go ahead for the deal that will be worth Rs.2000 crore.
After the deal between Sony and Ten Sports, Star Sports will have tough competition from Sony as Sony will have five additional sports channels added to its list.
