Zee Entertainment Enterprises announced that the Company and Sony Pictures Network India (SPNI) have mutually concluded the closure of the 2nd phase of the transaction for sale of Sports Broadcasting Business upon receipt of consideration of USD 36.32 million from SPNI.
In February 2017, the Company had completed the 1st phase of the transaction upon receipt of USD 330 million out of the total consideration of USD 385 million.
The adjustment in the consideration amount inter alia is mainly consequent to retention of a lease hold immovable property at Dubai (which earlier formed part of the transaction) by Taj TV, Mauritius and certain working capital adjustments of the Sports business as per the terms of agreement.