Zee Ent shares up 2 pc post Ten Sports deal

Shares of Zee Entertainment Enterprises rose nearly 2 per cent today after it sold its sports channel Ten Sports to Sony Pictures Networks for USD 385-million (about Rs 2,579 crore) in an all-cash deal.
The scrip gained 1.97 per cent to end at Rs 539.65 on BSE. During the day, it jumped 2.76 per cent to Rs 543.85 -- its 52-week high.
At NSE, shares of the company rose by 1.94 per cent to end at Rs 539.50.
"The Board of the Directors of the company approved sale and transfer of the 'Sports Broadcasting Business' of the company...To Sony Pictures Networks India (SPN) and its affiliates at an aggregate all-cash consideration of USD 385 million," Zee Entertainment Enterprises (ZEEL) said in a BSE filing.

ZEEL had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006.