Top Story

e4m_logo.png

Home >> Media - TV >> Article

SET offers to buy 26 per cent of Neo Sports for Rs 315 cr

28-February-2007
Font Size   16
Share
SET offers to buy 26 per cent of Neo Sports for Rs 315 cr

Sony Entertainment Television has offered to buy 26 per cent stake in Nimbus Communications’ Neo Sports for Rs 315 crore. The SET board has approved the acquisition and Nimbus will consider the offer at a board meeting in mid-March.

“The international launch of Neo Sports presents an opportunity to ally with other strategic players. This may bring an additional set of possibilities for the globalisation of Neo Sports and expansion of Neo Sports Plus,” Nimbus Chairman Harish Thawani said.

SET’s cricket properties will be exhausted after the ICC World Cup that begins next month. Nimbus has the rights to telecast all international cricket played in India till 2010, while ESPN-Star Sports recently won an estimated $1.1 billion bid for ICC’s properties for the period starting late 2007 to 2015.

Sony will use the funds set aside for the abortive Ten Sports acquisition for the transaction with Nimbus. Sony had made a bid to acquire Ten Sports last year, but lost out to Zee, which bought the channel for $57.15 million. Sony also refrained from bidding for the rights for ICC tournaments from 2007-2015, saying that the bidding war among channels was making the cost prohibitive.

As is known, Nimbus had earlier signed on STAR India as its exclusive distribution partner for both Neo Sports and Neo Sports Plus till 2010. The deal encompasses all distribution platforms, which includes analogue cable, direct-to-home and Internet broadband.

Also see:

Nimbus signs distribution deal with STAR India for sports channels; appoints Sashi Kalathil as NEO Sports CEO

http://www.exchange4media.com/e4m/news/newfullstory.asp?section_id=6&news_id=22586&tag=17313&search=y

Tags

Siddharth Kumar Tewary, Founder, Chief Creative, One Life Studios and Swastik Productions, on owning the IP on his most ambitious project 'Porus,' the risk of recovering its cost and his distribution strategy

Webscale plans to build the brand around smooth operations for the e-commerce sector and then move on to demand generation

Shriya Ghate, Business Head, Tinkle, spills the beans on the company's vision for its special line of merchandise launched to celebrate its 37th anniversary, its pricing, marketing strategies, and more

Vivek Patni, Director of Wonder Cement, on the current marketing strategies and challenges that brand owners face

Luis Fonsi, Rita Ora, Jain of Makeba fame , Dimitri Vegas, Jason Derulo, Charly Black and Dasu, J Balvin, Parineeti Chopra, Tiger & Jackie Shroff speak exclusively to the radio channel

The Film-Maker, as the host of ‘Calling Karan’, Will Be Just A Phone Call Away From Listeners Seeking Advice On Love & Relationship

The group aims to double its FMCG turnover to Rs. 1,000 crore over four years.