In a landmark deal that was announced by Sony Pictures Network India & Zee Entertainment Enterprises Limited, Ten Sports Network will be acquired by Sony from Zee for a whopping $385 Million.
As per NP Singh, CEO of Sony Pictures Network India, this deal makes sense for them as they already have strong portfolio of sports offerings for Indian viewers and with the addition of Ten Sports the portfolio becomes stronger. Sony can now additionally offer live telecast of various sporting events like the French football league, English football league cup, WWE, Moto GP, Tour de France, Commonwealth games, Asian games, etc. Sony currently has the rights for IPL, FIFA 2018 World cup in Russia, Australian open, Pro wrestling, NBA and premier Futsal.
India has been a key growth driver for Sony and will now be reaching to over 800 million viewers with the acquisition of the Ten Sports network which inculdes TEN 1, TEN 1 HD, TEN 2, TEN GOLF HD, TEN CRICKET & TEN SPORTS.
Punit Goenka, MD of Zee believes that this a step in the right direction towards achieving their strategic goals. He mentioned that they have grown their sports portfolio by acquiring content at the right prices. They felt that it was the right time to exit the business as they wanted to focus on building themselves into an all season media and content company by catering to their domestic and international markets. They will now be focusing on growing Zee through five main divisions of broadcast, digital media/ content, movie production, live events and features & overseas business.