Competition Commission has cleared Sony Pictures Networks' proposed purchase of TEN Sports, owned by Zee Entertainment Enterprise.
The USD 385 million worth deal was announced in August 2016.
In a tweet today, Competition Commission of India (CCI) said it has approved "acquisition of sports broadcasting business of TEN Sports by Sony Pictures Networks India Private Limited." Deals beyond a certain threshold require approval from CCI, which keeps a tab on unfair business practices across sectors.
Sony Pictures Networks India is a subsidiary of Sony Corporation, which owns and operates the Sony Entertainment network of television channels.
"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 Enterprise Ltd (ZEEL) had said last August.
The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East and the Caribbeans.
In August, Sony Pictures Networks India CEO NP Singh had said that the acquisition of TEN Sports Network would strengthen SPN's offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties.
ZEEL had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006.
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