Television
Report on Hindi News Viewership

Invesco to sell up to 7.8 per cent stake in Zeel

Invesco earlier extended support to Zee-Sony merger, and decided not to pursue EGM.

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2022/04/06/zee.jpg?itok=CZJlorBW

Mumbai: After extending support to the Zee-Sony merger, Zee Entertainment Enterprises Ltd's (Zeel) single-largest shareholder Invesco on Wednesday said that it will divest up to 7.8 per cent stake worth Rs 2,200 crore in the media conglomerate via a block deal on 7 April.

The investment firm said three funds managed by its developing markets investment team, including Invesco, will sell up to 7.8 per cent of the share capital of Zeel to align exposures to the firm with other funds managed by the team.

Invesco further said after the proposed sale, the three funds managed by its developing markets investment team will continue to own in aggregate at least 11 per cent of Zeel.

“It underscores the investment team’s belief that the Sony deal in its current form has great potential for Zeel shareholders. The three funds are launching a bookbuild transaction on Wednesday to sell the shares,” Invesco said in a statement.

“The purpose of this transaction is to align these funds’ exposures to Zee with other funds managed by the investment team and to achieve an aggregate ownership position in the company that is more in line with the investment team’s portfolio construction approach,” it added.

Last month, Invesco extended support to the Zee-Sony merger deal and decided not to pursue the call for an EGM of Zeel to remove MD and CEO Punit Goenka and two independent directors.The company however maintained that if the deal is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM.

In December 2021, Sony Pictures Networks India (SPNI) and Zeel signed definitive agreement for merger of Zeel into SPNI following the conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence.

At that time Invesco along with OFI Global China Fund LLC, which together hold about 17.9 per cent stake in Zeel, had opposed the deal.

When the merger deal was announced in September 2021, the two networks had stated that Sony would invest $1.575 billion and hold 52.93 per cent stake in the merged entity and Zee the remaining 47.07 per cent.

Under the terms of the definitive agreements, SPNI will have a cash balance of $1.5 billion at closing, including through infusion by the current shareholders of SPNI and the promoter founders of Zeel.

Zee chief executive Punit Goenka will lead the combined company as its MD and CEO.

The merged entity will become India’s second-largest entertainment network by revenue with 75 TV channels along with two video streaming services — Zee5 and SonyLIV. It will also house two film studios — Zee Studios and Sony Pictures Films India and a digital content studio (Studio NXT).

When it is completed Sony Pictures Entertainment Inc will indirectly hold a majority 50.86 per cent of the combined company and the promoters (founders) of Zeel will hold 3.99 per cent, while the other Ze shareholders will hold a 45.15 per cent stake.

In July 2019, Subhash Chandra-led Essel Group had roped in existing investor Invesco Oppenheimer to raise its stake in flagship Zee Entertainment Enterprises by another 11 per cent for Rs 4,224 crore.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/30/17.jpg?itok=hGF02OJv
Prannoy Roy & Radhika Roy resign from NDTV board 

Mumbai: News broadcaster NDTV Ltd., in a regulatory filing on Tuesday, announced that the company’s owner and founders, Prannoy Roy & Radhika Roy, have stepped down as directors. In addition to this, the broadcaster said that Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah...

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/29/hiren_gada.jpg?itok=cr50uEXK
Shemaroo crosses the 60-year landmark in style

Mumbai: Shemaroo is celebrating 60 years of entertaining the country's consumers and the entertainment ecosystem. And it's been a journey full of dynamism and agility. Shemaroo said they have been the entertainment industry's favourite muse for over six decades, and by catering to various types of...

Television TV Channels GECs
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/29/marquee_nights_.jpg?itok=VgpSYjSb
Experts discusses the future of M&E at CNBC-TV18 Marquee Nights 

Mumbai: CNBC-TV 18 organised a spectacular event called "CNBC-TV 18 Marquee Nights" on 21 November 2022, at Masala Bay and Taj Lands End in Mumbai. The event featured Vivendi chairman and Havas Group chairman and CEO Yannick Bolloré in an exclusive conversation with CNBC-TV18’s Anuradha SenGupta....

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/29/sony_pictures_networks.jpg?itok=H2TaxNAf
SPNI acquires exclusive media rights for Lanka Premier League 2022

Mumbai: Sony Pictures Networks India (SPN) has bagged the exclusive broadcast rights for the third edition of the Lanka Premier League 2022. The broadcaster will get exclusive television rights across the Indian subcontinent, including India, Pakistan, Afghanistan, Bhutan, Nepal, and Maldives,...

Television TV Channels Sports
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/28/amita.jpg?itok=Z5cIZk7o
Amita Maheshwari quits Disney Star 

After a stint of 13 years of service, Disney Star head of HR for APAC and India Amita Maheshwari has decided to leave to join an organisation outside of media space.

Television TV Channels People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/28/pzaz-tv.jpg?itok=_Fm6BR4q
Pzaz TV reaches 50,000 films from 260 collaborating partners

Pzaz TV has amassed a catalogue of 50,000 films provided by a fast-growing community of 260 independent partners within 18 months of its 2021 launch.

Television TV Channels Movie Channels
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/28/tak1.jpg?itok=bYamouJL
India Today Group announces launch of new website for Rajasthan Tak

India Today Group’s digital-first group of channels, Tak, has expanded its online presence with a newly launched website, www.RajasthanTak.com, strengthening its hold as a leading digital player in the regional-news market. This will be the group’s sixth native product after CrimeTak.in,...

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/28/dhamaka_movies_0.jpg?itok=hWErWj-O
B4U set to expand its movies offering with ‘Dhamaka’

Mumbai: India’s pioneer broadcaster with a global footprint across 100 countries, B4U, is all set to launch their fifth channel and third Hindi movie offering, called Dhamaka Movies.

Television TV Channels Music and Youth
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/26/8.jpg?itok=unROqQOz
Zee Cinema announces the world television premiere of ‘Karthikeya 2’

Mumbai: Karthikeya 2, a mystical adventure based on the mythical aura of Shri Krishna, has been announced by Zee Cinema. The film stars the uber-talented Nikhil Siddharth as Karthikeya, along with celebrated actor Anupam Kher, who brings gravitas to the film. Karthikeya 2 is all set for its world...

Television TV Channels Viewership