New Delhi [India], Aug. 31 (ANI
): 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
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. (ANI