Zee Entertainment Enterprise Limited has completed the sale proceedings of Ten Sports Networks to Sony Pictures Network India.
“The companies have mutually concluded the closure of transaction upon receipt of remittance of consideration of $ 36.32 million (INR 232 crore) from SPNI,” ZEEL has mentioned in a BSE filing.
“Even as most of the handover procedures were in place, the final closures were delayed due to the Ten Sports, Pakistan, license transfer to SPNI. Pakistan Electronic Media Regulatory Authority was taking time to transfer the license to SPNI. Now, this bottleneck is cleared the rest were mere formalities,” said a senior source in ZEEL, associated with the transfer proceedings. “SPNI can now shift the entire Ten Sports operations as well as official address to Mumbai.”
In August last year, ZEEL had announced it would sell its sports channel Ten Sports to Sony Pictures Networks for $ 385 million in an all cash deal.
ZEEL had in February completed the first phase of the sale for $ 330 million. “The adjustment of the consideration amount inter alia 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,” PTI has quoted ZEEL as saying.
ZEEL had bought Ten Sports from Dubai-based Abdul Rahman Bukhatirs Taj Group in 2006.