ZEE Entertainment completes sale of TEN Sports to Sony

Zee Entertainment Enterprise (ZEEL) on Monday said it has completed two-step sale of its sport business, TEN Sports Network, to Sony Pictures and received $36.32 million (about Rs 232 crore) in the second phase.

In August last year, ZEEL had announced it would sell its sports channel Ten Sports to Sony Pictures Networks for USD 385 million in an all cash deal.

The company and Sony Pictures Network India (SPNI) has "mutually concluded closure of transaction upon receipt of remittance of consideration of USD 36.32 million from SPNI", the company said in a BSE filing.

ZEEL had in February completed the first phase of the sale for USD 330 million.

"The adjustment of the consideration amount interalia 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," ZEEL said.

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

The stock was trading 2.15 up at Rs 544.80 on BSE.