Punit Goenka on Zee Entertainment stake sale: Have one binding offer, awaiting another

ZEEL reported 13.3 per cent year-on-year growth in Q1 of FY 20

MUMBAI: With speculation rife over the stake sale of Zee Entertainment Enterprises Limited (ZEEL), MD and CEO Punit Goenka on Tuesday suggested that the company was inching closer to ink the high-profile deal.

Goenka revealed that the media and entertainment conglomerate now has one binding offer with them, and expects another one to come in the next few days. Goenka had earlier stated that the stake sale would be completed by July .

“I accept that we have received two non-binding term sheets. Out of that we now have one binding offer with us, we are expecting to receive another binding offer over the next few days. Once both the offers are on the table the family will evaluate and take a decision,” Goenka said during an earnings call after the Q1 result for FY20.

ZEEL reported 13.3 per cent year-on-year growth, with total revenue standing at Rs. 20,081 million. The company highlighted domestic broadcast and digital business as growth driver for the strong performance.

ZEEL’s advertising revenue also witnessed a 3.6 per cent year-on-year growth. In Q1 FY20, the advertising revenue was at Rs. 11,867 million. While domestic advertising revenue grew by 4.2 per cent year-on-year to Rs. 11,322 million, international advertising revenue for the quarter was Rs. 545 million.

Goenka, however, did not reveal any information about the nature of the deal. He also added that it is now a matter of days before ZEEL makes a formal announcement on the stake sale.

Goenka also clarified that ZEE Media cannot be part of any stake sale process because of the FDI norms that exist in that sector.

“On the offer on stake sale, I am expecting the second offer to come in a matter of days. If that offer was not to come in, then we will be of course going with the binding offer that we already obtained. But I am quite hopeful that the second offer will also come in,” he commented on the timeline of the second binding offer.

In November last year, ZEEL had revealed the decision of its promoters to sell up to 50 per cent of their equity in the company to a strategic partner.

The objective of the stake sale was to transform Zee into a global media tech player. In the last few months, a slew of big companies have rumoured to have shown an interest in picking up a stake in one of India’s most iconic companies.

Latest Reads
DD Kashir sees 50% increase in viewership from J&K between 5-16 August

After the abrogation of article 370 in Jammu and Kashmir, there have been speculations all over the media about communication blackout in the valley. Commenting on the issue, Prasar Bharati CEO Shashi Shekhar Vempati said between 5 to 16 August, Kashmir’s TV channel DD Kashir saw 50 per cent...

Television TV Channels News Broadcasting
BARC week 33: Vimal Elaichi Pan Masala top brand

MUMBAI: The Broadcast Audience Research Council (BARC) India has released its data for top advertisers and brands for the period between 10 August 2019 and 16 August 2019. The data reflects top 10 advertiser and brands across genre on Indian television, including OOH screen, (U+R): 2+, Individuals...

Television TV Channels Viewership
BKT scores global agreement with LaLiga

MUMBAI: BKT aims for performance without limits – just like sport. And like Liga de Fútbol Profesional (LaLiga), it has a global presence that reaches people all around the world. These conditions create fertile ground for a new partnership. It seems to be the perfect match. Indeed, BKT and LaLiga...

Television TV Channels Sports
Football fans gear up for Serie A, the top-tier Italian football league on Sony Pictures Sports Network

MUMBAI: The upcoming season of Serie A will be the 118th season of top-tier Italian football and fans can expect nothing less than non-stop nail-biting action from August 24, 2019 to May 24, 2020 live and exclusive on SONY TEN 2 and SONY TEN 2 HD channels.

Television TV Channels Sports
Witness the women in music dominate the 2019 Video Music Awards, exclusively on Vh1

MUMBAI: The 2019 Video Music Awards couldn’t get bigger, as Ariana Grande and Taylor Swift vie for the prestigious ‘Moon Person’ statue with nods in 10 categories each, Jonas Brothers make a grand return to the VMA stage, a sparkling stage debut of sensational Camila Cabello and Missy Elliott...

Television TV Channels Music and Youth
Hasbro to acquire Entertainment One for approx $4 bn

Hasbro is set to acquire Entertainment One (eOne) in an all-cash transaction valued at approximately $4 billion. The deal enhances Hasbro’s brand portfolio, which includes My Little Pony, with the global preschool brands Peppa Pig and PJ Masks, as well as a slate of additional brands under...

Television Production House Fiction
Zee Cinema's 'Kesari' is highest-rated premiere on Independence Day

The World Television Premiere of Kesari on 15 August on Zee Cinema has set a new benchmark across the Hindi movies cluster making it No.1 in the category. The historic war drama garnered 15.6 Mn impressions as per BARC data for Week 33 for 2+ audiences in HSM Urban + Rural markets and is one of the...

Television TV Channels Movie Channels
Sony SAB celebrates 'Khushiyon Ke Sab Sizes' with its latest show 'Tera Kya Hoga Alia'

Sony SAB broadens its slate of shows with its exclusive brand-new offering, Tera Kya Hoga Alia. This one-of-a-kind yet highly relatable story traces the insecurities and concerns faced by the protagonist, Alia and showcases the journey of the married couple, Alia and Alok, who were high school...

Television TV Channels GECs
BARC week 33: Sony SAB moves to second position on pay platform

Sony SAB has grabbed the second position in week 33 of BARC India ratings on pay platform with 614,772 weekly impressions (000). Last week Zee TV was seen at the second position which has moved down to third position. Even Sony Entertainment Television has moved at fourth position from fifth in...

Television TV Channels Viewership

Sign up for our Newsletter

subscribe for latest stories