Sony Corp (ADR) (NYSE:SNE) Sony Pictures Network in conjunction with its affiliates has acquired the first of a two phase Ten Sports Network. They bought the package from Zee Entertainment Enterprises Limited and its subsidiaries.
What does this mean to the sport viewers?
The acquisition adds to Sony’s sports cluster to nine. This means that they are now in a better position to meet the needs of its sports viewers. The CEO is very pleased with the whole process. He is delighted that the transition core phase happened in good time as Sony can now engage in the integration process of seamless transition. The process meant that now Sony was better equipped to an advanced level much to the delight of the sport viewers. The whole portfolio provides viewers with a cluster of the major sports leagues both at the international level and the local level.
The acquisition process
The process to acquire TEN from Zee was first made public in August 2016 while the actual agreement to acquire TEN took place later in September 2016. The whole acquisition cost Sony a whooping $384 million and it was acquired under the new brand name TEN Sports Network. ZEE managing director is more than pleased by the team’s cooperation and he assured that TEN will meet the consumers’ demands at a more fulfilling level. He also promised to make frequent visit to the site to ensure everything is going as expected.
Through the acquisition, Sony sports channel welcomes home a new sports cluster that includes TEN 1, TEN 1 HD, TEN 2, TEN 3 and TEN GOLF HD to the already existing cluster of SONY SIX, SONY SIX HD, SONY ESPN and SONY ESPN HD. The whole process is expected to end in the next few months subject to certain closing conditions. A few operations and assets are required in the final phase of the acquisition.