Sony Entertainment

Sony not to sell stake in entertainment business

Sony not to sell stake in entertainment businessThe board of directors of Japanese electronics giant, Sony have not accepted a suggestion by billionaire Daniel Loeb to sell stake in its entertainment business.

The board took a unanimous decision not to accept the suggestion indicating that the full ownership of the of the film and music units in an important element for the company, the Tokyo-based company said in a statement. Third Point LLC headed by Mr. Loeb has increased its stake to 6.9 per cent in Sony and has been asking the board to sell 20 per cent of its entertainment assets in an initial public offering.

Sony Six acquires TNA Wrestling's broadcasting rights

Sony-Six-TNAMumbai, August 1 :  Sony Six announced Thursday it had acquired the broadcasting rights to Total Nonstop Action (TNA) Wrestling across the Indian sub-continent.

The sports channel will now air all of TNA Wrestling's programmes.

"India's recent success in international wrestling has attracted the youth in India and also captured the interest of audiences. We are proud to have acquired TNA Wrestling as one of our premium international sporting events," said Man Jit Singh, chief executive of Multi Screen Media, of which Sony Six is a subsidiary

Ex-CEO of Sony thrilled by the $80 million facilitation fee

Sony-EntertainmentThe ex-CEO of Sony Entertainment has recently said that he was surprised to see that Multi Screen Media has paid a whopping $80 million to World Sports Group as facilitation fee as it was not decided in the contract. According to Gupta, the contract had an extra break-up fee of $25 million after the fifth season ends wherein it had the first right of refusal as far as telecasting the sixth season was concerned.

Notably, Sony had bagged the rights for the first five years for $300 million while WSG had opted to bag rights for another five years for a consolidated $600 million.

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