MUMBAI: The Competition Commission of India (CCI) yesterday tweeted its approval to the proposed acquisition of the sports broadcasting business of Ten Sports by Sony Pictures Networks India. Acquisitions beyond a threshold need approval from CCI, which keeps a check on business practices across sectors.
In August-end 2016, ZEEL had informed the BSE about the approval by its board of directors for the proposed sale and transfer of Zee’s sports broadcasting business to Sony Pictures Networks in an all-cash deal worth US$385 million. SPNI CEO NP Singh had then said that the acquisition of Ten Sports Network would strengthen SPN's offering for viewers of cricket, football and fight sports, complementing their existing portfolio of international and domestic sporting properties.
Ten Sports network is currently held by two subsidiaries of Zee Entertainment Enterprises Ltd (ZEEL)—Taj Television Ltd, Mauritius, and Taj Television (India) Pvt. Ltd. Sony Pictures Networks India is a subsidiary of Sony Corporation, which owns and operates the Sony Entertainment network of channels.
Ten Sports channels being acquired are -- Ten Cricket, Ten Sports, Ten 1, Ten 1 HD, Ten 2, Ten 3, Ten Golf HD which operate in many countries including the Indian sub-continent, Hong Kong, Maldives, Singapore, the Middle East and the Caribbeans.
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