Television

ZEEL gets NCLT approval for restructuring acquired Anil Ambani GEC business

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MUMBAI: The Essel Group owned Zee Entertainment Enterprises Ltd (Zeel) is moving ahead on getting legal approvals for the restructuring of the Anil Ambani-promoted Reliance general entertainment television broadcasting business.

Yesterday, it got the thumbs up from the Mumbai bench of the National Company Law Tribunal (NCLT) for its arrangement to demerge the general entertainment broadcast business Reliance Big Broadcasting (RBB) Pvt Ltd, Big Magic Ltd (BML) and Azalia Broadcast Pvt Ltd.

These companies had come its way when it announced its deal to acquire 100 per cent of Reliance Broadcast Network Ltd’s (RBNL’s) TV business while sister company Zee Media Corp swallowed 49 per cent of its radio business for approximately Rs 1,900 crore in late November 2016. The

At the time of the acquisition, RBBL, BML and Azalia had top lines of Rs 61.17 crore, Rs 58.95 crore and Rs 0.06 crore respectively for the year ended 31 March 2016. While the first had five TV channel licences (two were operational –Big Magic and Big Ganga, three non-operational Big Gaurav, Big Magic Punjab and Big Magic HD), the second looked after the ad sales and distribution of the channels, and the third had one TV licence for Big Magic Thrill.

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