Shares of Zee Entertainment rose to hit 52-week high on Wednesday after the company announced that Sony Pictures will buy Ten Sports from Zee Entertainment for 385 million U.S. dollars.
"Sony Pictures Networks India (SPN) and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Limited (ZEE) and its subsidiaries for 385 million U.S. dollars", the company said in the press release.
Completion of the acquisition is subject to regulatory approval.
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, Caribbean.
TEN Sports holds broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe).
In addition, Ten Sports holds rights to wrestling (WWE), football (UEFA Champions League, UEFA Europa League, French League, English Football League Cup), tennis (WTA Events, ATP events), golf (European Tour, Asian Tour, Ryder Cup, US PGA Championship, LPGA Tour, Professional Golf Tour of India and Golf Channel Block), athletics (Asian Games, Commonwealth Games), motor sports (Moto GP) and cycling (Tour de France) events.
The acquisition will add South Asia's leading sports network to SPN's existing portfolio of channels.
Shares of Zee Entertainment were seen trading at Rs 535, higher by 1.17 per cent on BSE at 1.25 pm IST. It touched an intra-day high and 52-week high of Rs 543 during trade.