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ZEEL hopes to complete the second phase of sports biz sale transaction to Sony by late August or September early this year. “We have $40 mn which is currently held up for that,” ZEEL MD & CEO Punit Goenka said.
SPNI has re-branded Ten Sports channels as Sony Ten to unify the sports network under the mother brand. It has dedicated a channel each for cricket, football, fight sports and best of international sports. Two new HD channels are launched in addition to a Hindi sports channel. Sachin is made brand ambassador.
After selling its sports broadcasting biz to Sony, ZEEL will face a revenue fall of over Rs 630 cr a year. This will include nearly Rs 400 cr of subscription revenue. But flushed with new capital, ZEEL can take the acquisition route, launch new channels and up the programming costs. EBITDA is also set to strengthen.
Sony has paid $330 mn to ZEEL in the first phase of its acquisition of the sports broadcasting biz. The first phase of the transaction comprises the sale of ZEEL’s entire stake in Taj India and transfer of major part of sports broadcasting business of Taj Mauritius.
Sony completes acquisition of India biz of Ten Sports from ZEEL. International biz to be in 2nd phase after some approvals. Completion expected in next few months.
Competition Commission of India has approved the $385-mn acquisition of Taj TV, the sports broadcasting subsidiary of ZEEL, by Sony. This paves the way for India becoming a duopoly sports broadcasting market.
After announcing its entry into the infotainment genre via a JV with BBC, Sony is planning to launch a localised kids channel in the first half of the calendar year.
Sony gets an opportunity to build a formidable sports network. With Ten Sports being in Sony’s pocket, Star may make an all-out bid to get the IPL. The TV broadcast map is being redrawn. Flushed with new capital of $385 mn, ZEEL will set out to expand in non-sports biz.
Sports broadcasting in India is set for a new era of Big Two as Sony Pictures moves to ink its biggest acquisition deal in the Indian market. Why is ZEEL exiting from sports broadcasting? Is the old order cracking because of the steep value of the IPL? Will Sony go after Ten Sports and aggressively bid for IPL? What does a two-player market mean?