Source: Asian Legal Business
Cyril Amarchand Mangaldas has advised Sony Pictures Networks on its agreement to buy TEN Sports, the sports broadcasting business of India’s Zee Entertainment Enterprises Ltd, for $385 million. The seller was represented by Luthra & Luthra.
TEN Sports holds broadcast rights to major cricket boards in South Africa, Pakistan, Sri Lanka and West Indies. It also holds rights for football’s UEFA Champions League, Europa League, French League and English Football Cup among other sports.
Meanwhile, Sony, which holds broadcast rights for the cash-rich Indian Premier League Twenty20 cricket tournament, has also won the rights for the FIFA World Cup to be held in Russia in 2018.
The Cyril Amarchand team was led by Mumbai based corporate partner Jaya Singhania, along with competition law partner Bharat Budholia.
Zee’s sports broadcasting business had revenues of 6.31 billion rupees ($94.21 million) and a loss of 372 million rupees for fiscal year 2016, according to Reuters