Ten Sports sold to Sony

Zee Entertainment today announced sale of its loss-making sports business to Sony Pictures for USD 385 million (Rs 2,500 crore approx). The all-cash deal will be completed in 4-5 months, mentions a press release by the company. The sports business of Zee had reported loss of Rs 37.2 crore in FY16. CNBC-TV18 was the first to report this development was going to take place.  The acquisition is for 10 TEN sports channels that operate in several countries including Maldives, Singapore, Hong Kong, Middle East and Caribbean.  The deal is a positive for Zee as it will push up the company’s earnings per share and margins.