Zee Entertainment Enterprises Ltd on the 31st of August has said that it has agreed to sell its sports broadcasting business to Sony Pictures Networks for US$ 385 million, as it rejigs its media content delivery businesses.  TEN Sports holds broadcast rights to major cricket boards in South Africa, Pakistan, Sri Lanka and West Indies.  It also holds rights for football’s UEFA Champions League, the Europa League, French League and English Football Cup among other sports.  “The acquisition of TEN Sports Network will strengthen Sony’s offering for viewers of cricket, football and fight-sports, complementing our existing portfolio of international and domestic sporting properties,” said NP Singh, CEO of Sony Pictures Networks India, in a statement.  Sony, which holds broadcast rights for the cash-rich Indian Premier League cricket tournament Twenty20, has also won the rights for the FIFA World Cup to be held in Russia in 2018.  Analysts say that Zee, which lacked a sizable presence in the sports category, will see a jump in earnings in the next two fiscal years as it sells off the money-losing venture.  Zee’s sports broadcasting business had revenues of 6.31 billion rupees (US$ 94.21 million) and a loss of 372 million rupees for fiscal year 2016, according to a company statement.

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