Sony Pictures Networks India (SPN) today announced that SPN and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises (ZEE) and its subsidiaries for 385 million U.S. dollars. Completion of the acquisition is subject to regulatory approval.

The acquisition will add South Asia's leading sports network to SPN's existing portfolio of channels.

The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean.

Punit Goenka, managing director, Zee Entertainment Enterprises (ZEE), said, ''This is a landmark deal for ZEE and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets. While we have grown our sports business over the last 10 years through acquisition of content at competitive prices, our focus now is on transforming ourselves into an all-round media and content company, comprising of five verticals, viz. broadcast, digital, films, live events, and international business; and we continue to move rapidly towards our set business goals. While I have always been proud of our sports business, I strongly believe that Sony will add more value to it by taking it to even greater heights. I wish them all the success.''

Shares of the company gained Rs 7.9, or 1.49%, to trade at  Rs 537.10.  The total volume of shares traded  was  164,859 at the BSE (12.19 p.m., Wednesday).