Zee Entertainment to sell sports biz to Sony for USD 385 million

New Delhi [India], Aug. 31 : Zee Entertainment today announced the sale of its loss-making sports business to Sony Pictures for USD 385 million (Rs.

2,500 crore). The company in a statement said that the deal would be completed within four to five months. The sports business of Zee had reported a loss of Rs. 37.2 crore in FY16. The acquisition is for 10 TEN sports channels that operate in several countries including Maldives, Singapore, Hong Kong, Middle East and Caribbean.

The company will now concentrate more on its core entertainment channel as the deal is positive for Zee to push up its earnings per share.

Source: ANI