wordpress blog stats
Connect with us

Hi, what are you looking for?

Essel Group to sell 50% of its stake in Zee Entertainment

The Essel Group will divest upto 50% of its 41.6% stake in Zee Entertainment Enterprises Ltd (ZEEL) to a strategic partner to address its “capital allocation priorities.” In light of the group chairman Subhash Chandra and his family reviewing technology advancements like AI, IoT, AR, VR and the convergence of telecom and media, it has decided to divest from ZEEL.

“It was observed that these developments will impact virtually all businesses across
sectors and business practices will be driven by technological innovation,” the group’s statement said. The Essel Group will continue to be an investor in ZEEL and that “India remains a priority market for Subhash Chandra.”

ZEEL CEO and MD Punit Goenka, who is also Chandra’s son, reportedly told the Times of India that sale process was triggered after a “global media giant” made an offer to buy into ZEEL. According to the publication, the ZEEL had attempted to find a strategic partner for ZEE5, “but the potential investors sought covenants with the parent.”

The group has roped in investment banking firm Goldman Sachs and investment firm LionTree as advisors to identify a buyer for the ZEEL stake by March-April 2019.

Shareholding pattern of Zee Entertainment Enterprises Ltd.

Essel Group chairman Subhash Chandra launched Zee TV in 1992. It was the first private TV channel in the country. ZEEL runs several TV channels including Zee TV, Zee Cinema. It launched an OTT service ZEE5 recently.

Financials

Advertisement. Scroll to continue reading.

In the quarter ended September 30, Zee Entertainment Enterprises Ltd reported consolidated revenues of Rs 2034.7 crore, an increase of 14% year-on-year from Rs 1785 crore in the same quarter last year. Advertising revenue made up 59% of the total revenue in the quarter, standing at Rs 1210.6 crore.

ZEE5 has 41 million monthly active users as of September 30, average time spent on the platform is 31 minutes. In terms of users, Zee5 has seen a 190% growth in users since April 2018.

Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ