MUMBAI (NewsRise) -- Zee Entertainment Enterprises, India's largest listed media company, agreed to sell its sports broadcasting business to Japan's Sony Pictures Entertainment and its affiliates for $385 million in cash, exiting an unprofitable business to stay focused on general entertainment content.
The deal marks the end of Zee's struggle with Ten Sports that has barely made money ever since it was launched a decade ago. But the acquisition would allow Sony Pictures Networks India to consolidate its sports content and compete more effectively in a market being dominated by Star Sports owned by media baron Rupert Murdoch.
