Zee Entertainment Enterprises

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Zee Entertainment Enterprises Limited
TypePublic
Industry
Founded15 December 1991; 31 years ago (1991-12-15)
FounderSubhash Chandra
HeadquartersMumbai, Maharashtra,
Area served
Worldwide
Key people
ProductsBroadcasting, films, music, streaming, web portals
RevenueIncrease 8,310 crore (US$1.0 billion) (2022)[2]
Increase 1,460 crore (US$180 million) (2022)[2]
Increase 955 crore (US$120 million) (2022)[2]
Total assetsIncrease 13,239 crore (US$1.7 billion) (2022)[2]
Owner
Number of employees
3,429 (2021)[2]
Websitezee.com
Footnotes / references
[5]

Zee Entertainment Enterprises (formerly Zee Telefilms) is an Indian media conglomerate owned by Essel Group. Headquartered in Mumbai, it has interests in television, print, internet, film, businesses related to mobile contents, and operates 45 channels worldwide.

History[edit]

Independent era[edit]

The company was launched on 15 December 1991 as Zee Telefilms, a brand name that was retained until 2006.

Zee Telefilms launched a Nickelodeon-branded programming block in 1999 as part of a distribution deal between Viacom International and Zee Telefilms. It was replaced by a new Cartoon Network block in 2002.[6][7]

In 2002, the company acquired a majority stake (51%) in ETC Networks. In 2003, they planned to purchase Rajshri for ₹50 crore. With the deal, Zee would have access to all of Rajshri's films, but the plan fell later on. In 2006, they acquired Integrated Subscriber Management Services Limited, and in November 2006, it acquired a 50% stake in Taj television, owner of TEN Sports. On that same year, the company was rebranded as Zee Entertainment Enterprises.

In February 2010, the business acquired an additional stake (95%) in TEN Sports.

In 2008, Zee Networks launched Zee Motion Pictures and Zee Limelight (now Zee Studios) for the development, production, distribution and marketing of mainstream films in Indian languages, including Hindi, Malayalam, Tamil, Telugu, Kannada, Bengali and Marathi.[8] Some of Zee Studios's productions include Gadar: Ek Prem Katha, Natsamrat, Sairat and Rustom.

As Zee Telefilms, the company formed part of BSE Sensex from 2000 to 2005. The news and regional entertainment channel business was spun off into a separate company in 2006 as Zee News.

In May 2011, Star Den entered into a 50/50 joint venture with Zee Turner and Zee Entertainment Enterprises (ZEEL) to distribute and market all channels owned by the company and ZEEL, their respective affiliated channels and other third-party channels in India, Nepal and Bhutan.

It also owns a music label, Zee Music Company.

In 2015, Zee acquired Sarthak TV, an Odia-language pay-television channel.[9] One year later, on 28 July 2016, it launched Zee One, aimed at the German market. A Polish version of the channel was launched in 2017.

In 2016, Zee launched Zee Mundo, a Spanish-language Bollywood movie channel targeting Latin America.

In 2017, the company acquired the majority stake of the Reliance Broadcast Network.[10] It also planned to acquire 9X Media in October 2017 for the cost of 160 crore, however the plan fell through in March 2018.[11][12] A partially-owned subsidiary, Diligent Media Corporation, is a publisher of Indian daily newspapers and websites. DMC is a joint venture between Zee and the Dainik Bhaskar Group.[13]

In 2018, Zee launched Zee Theatre, which offers a collection of recorded theatre plays also called teleplay- produced in India and internationally.[14]

Sale talks[edit]

In February 2019, media reported that Essel Group was in talks to sell[15] their shares from the Zee Entertainment Enterprises to save from the debt.

Sony, Comcast-Atairos, a firm lead by American cable giant Comcast were shortlisted for the bid. However, they were competing with technology giant Apple and Reliance Industries among others.

Top Sony officials including Mike Hopkins, chairman of Sony Pictures Television,[15] and Tony Vinciquerra, chairman of Sony Pictures, had visited Subhash Chandra and his family at his residence shortly after Chandra announced his intent to sell half of the promoter holding in Zee Entertainment Enterprises to a global strategic investor.
On April 2 reports said that[16] some other promoters[17] were willing to sell their shares worth 332 crore.
On April 3 media reported Sony and Zee Entertainment Enterprises deal off[18] amid valuation differences which opened the door for Comcast-Atairos.

On August 1 media reports Invesco Oppenheimer Fund to buy 11% stake in Zee Entertainment[19]

In September 2021, it was reported that Invesco Developing Markets Funds and OFI Global China Fund LLC, who jointly holds 17.88% stake, wanted Punit Goenka (also son of founder) to step-down as MD and CEO. It was also reported that Essel Group owns a sum of 3.99% minority stake.[20]

Merger with Sony Pictures Networks India[edit]

On 22 September 2021, the company announced its intent to merge with Sony Pictures Networks India.[21] Sony Pictures will hold a majority stake in the proposed merged entity, which will be headed by Zee's Punit Goenka.[22] In December 2021, the merger was approved by the two companies' boards. Sony will hold a stake close to 51% in the company, with Zee controlling the remaining stake.[23]

Controversy[edit]

Dispute between promoters[edit]

On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of main demand was removal of Punit Goenka, son of the Zee Network founder.[24] However Zee board rejects demand from Invesco to convene extraordinary general meeting.[25] Invesco Developing Market Funds Moves to National Company Law Tribunal (NCLT) and Bombay High Court seeking mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.[26][27]

OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it's a classic case of Forum shopping.

On 11 October 2021 Invesco[28] write an open letter to the other share holders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. also they implemented that they tried to merge Zee with some other Indian company on early 2021 but Zee board rejected it.

Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue[29] but "by the events that transpired during February–April 2021 pointing Invesco purposed deal with Reliance Industries.[30]

Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company.

In 21 October, Bombay High Court asks Zee board to call EGM as demanded by shareholder Invesco, and Counsel appearing for Zee Entertainment said the company will inform the date of the EGM by the morning of October 22.[31][32]

In 22 October, Zee replied to court that the board can’t give nod to something that will turn out to be illegal.[33] so HC postponed hearing of the Zee-Invesco matter to October 26.and in October 26 Bombay High Court has restrained Invesco from taking any action in furtherance of their requisition notice (to call an EGM).[34]

In 7 December, Invesco heading towards a resolution expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.[35]

In 22 December, Board of Zee signed definitive agreements with Sony after received approval from its board of directors[36]

Zee Music vs Sonu Nigam[edit]

Sonu Nigam alleged that he was banned by the Zee Music Company after he tweeted in support of politician Kumar Vishwas.[37][38][39]

Operated channels[edit]

India[edit]

Channel Launched Language Category SD/HD availability Notes
Zee TV 1992 Hindi General Entertainment SD+HD
&tv 2015
Zee Anmol 2013 SD
Big Magic 2011
Zee Zindagi 2014
Zee Cinema 1995 Movies SD+HD
Zee Classic 2005 SD
Zee Action 2006
Zee Anmol Cinema 2016
Zee Bollywood 2018
&pictures 2013 SD+HD
&xplor HD 2019 HD
Zing 2009 Music SD Formerly Zee Muzic
Zee Café 2000 English General Entertainment SD+HD Formerly Zee English
&flix 2000 Movies Formerly Zee Studio
&privé HD 2017 HD
Zee Zest 2010 Hindi, English Lifestyle SD+HD Formerly Living Foodz and Zee Khana Khazana
Zee Bangla 1999 Bengali General Entertainment Formerly Alpha TV Bangla
Zee Bangla Cinema 2012 Movies SD
Zee Ganga 2013 Bhojpuri General Entertainment Formerly Big Ganga
Zee Biskope 2020 Movies
Zee Marathi 1999 Marathi General Entertainment SD+HD Formerly Alpha TV Marathi
Zee Yuva 2016 SD
Zee Talkies 2007 Movies SD+HD
Zee Chitramandir 2021 SD
Zee Sarthak 2010 Odia General Entertainment Formerly Sarthak TV
Zee Punjabi 2020 Punjabi Formerly Alpha TV Punjabi
Zee Kannada 2006 Kannada SD+HD
Zee Picchar 2020 Movies
Zee Keralam 2018 Malayalam General Entertainment
Zee Tamil 2008 Tamil
Zee Thirai 2020 Movies
Zee Telugu 2004 Telugu General Entertainment Formerly Alpha TV Telugu
Zee Cinemalu 2016 Movies
Zee Theatre 2018 Hindi, English, Urdu, Marathi, Gujarati TV Plays SD Available on Tata Play, Dishtv & D2h, Airtel DTH– India, Zee5- Worldwide

International[edit]

Channel Launched Language Category SD/HD availability Notes
Zee World 2015 English General Entertainment SD
Zee Bollynova 2017
Zee One (Africa) 2021
Zee Magic 2015 French General Entertainment
Zee Bioskop 2013 Indonesian
Zee Mundo 2016 Spanish Movies
Zee Alwan 2012 Arabic General Entertainment
Zee Aflam 2008 Movies
Zee Nung 2014 Thai General Entertainment
Zee Phim 2017 Vietnamese Movies

Former channels[edit]

India[edit]

Channel Launched Defunct Language Category SD/HD availability Notes
Zee Next 2007 2009 Hindi General Entertainment SD
Zee Smile 2004 2016 Formerly Smile TV
9X 2007 2015 Acquired from 9X Media
Zee Jagran 2005 2015 Devotional
Zee Premier 2006 2015 Movies Formerly Premier Cinema
ZeeQ 2012 2017 Kids
Zee Muzic 1997 2009 Music Replaced with Zing TV
Zee ETC Bollywood 1999 2020 Formerly ETC and ETC Bollywood
Zee Khana Khazana 2010 2015 Lifestyle Replaced with Living Foodz
Zee Studio 2005 2018 English Movies Formerly Zee MGM and Zee Movie Zone
Zee Trendz 2003 2014 Lifestyle Formerly Trendz TV
Zee Sports 2005 2010 Sports
Living Foodz 2015 2020 English, Hindi Lifestyle SD+HD Replaced with Zee Zest
Living Travelz 2017 2017 English, Hindi Knowledge SD
Zee Gujarati 2000 2009 Gujarati General Entertainment SD Formerly Alpha TV Gujarati
Zee Vajwa 2020 2022 Marathi Music
Zee ETC Punjabi 2001 2014 Punjabi General Entertainment Formerly ETC Punjabi

International[edit]

Channel Launched Defunct Language Category SD/HD availability Notes
Zee Bollymovies 2017 2019 English Movies SD
Zee One 2016 2020 German General Entertainment The channel relaunched in Africa from 2021
Zee Sine 2016 2020 Filipino
Zee Variasi 2006 2016 Malay Replaced by Tara HD on 19 October 2016, then replaced by Colors TV on 1 October 2019
Zee Hiburan 2015 2017 Indonesian

Over The Top (OTT)[edit]

In February 2016, Zee Entertainment Enterprise Ltd (ZEEL) forayed into video-on-demand with the launch of its OTT platform OZEE.[40]

On 14 February 2018, this service rebranded as ZEE5.[41] Since its relaunch as ZEE5, it streams all content from its television network and also movies and original series. ZEE5 claimed 57 million monthly active users in December 2019.[42]

Other assets[edit]

Publishing[43][edit]

  • bgr
  • mollywood
  • cricket country
  • the health site
  • India.com
  • Sugarbox
  • Zee5X

Event management [44][edit]

  • Zee Live
  • Super moon, Arth, Edu care, It's A Girl Thing
  • Zee Theatre

Film distribution And music[edit]

References[edit]

  1. ^ Malvania, Urvi (24 August 2016). "We want to Transform into an all round media company punit goenka". Business Standard. Retrieved 22 July 2017.
  2. ^ a b c d e "Zee Entertain Share Price, Zee Entertain Stock Price, Zee Entertainment Enterprises Ltd. Stock Price, Share Price, Live BSE/NSE, Zee Entertainment Enterprises Ltd. Bids Offers. Buy/Sell Zee Entertainment Enterprises Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com.
  3. ^ "Investors want MD Punit Goenka out of Zee Entertainment Enterprises". The New Indian Express.
  4. ^ "Shareholding pattern of June 2022 Equity" (PDF).
  5. ^ "Zee's FY19 earnings may aid better valuation". www.fortuneindia.com.
  6. ^ "ZEE TV TO LAUNCH NICKELODEON". 11 October 1999. Retrieved 21 June 2017.
  7. ^ "Cartoon Network block replaces Nick on Zee TV". 14 August 2002. Retrieved 19 September 2017.
  8. ^ "Zee Group launches two motion picture production banners". Business of Cinema. 2008.
  9. ^ "Zee Entertainment acquires Sarthak Entertainment - Exchange4media". Indian Advertising Media & Marketing News – exchange4media.
  10. ^ Bindu D Menon. "Zee buys Anil Ambani's TV, radio biz for ₹1,900 cr | Business Line". Thehindubusinessline.com. Retrieved 23 November 2017.
  11. ^ "Zee to acquire 9X Media, its arms for ₹160 cr". The Hindu Business Line. 6 October 2017. Retrieved 18 November 2017.
  12. ^ "ZEE terminates 9X Media acquisition".
  13. ^ "Indian Newspapers and News Sites". w3newspapers.com. Retrieved 18 October 2014.
  14. ^ IANS (10 January 2017). "Zee Theatre to take 12 plays to 15 Indian cities". Business Standard India. Retrieved 2 October 2022.
  15. ^ a b Laghate, Gaurav; Barman, Arijit. "Zee Entertainment: Comcast-Atairos, Sony shortlisted for stake sale talks by Zee Entertainment". The Economic Times.
  16. ^ "Zee Entertainment shares wobble after share sale by promoters". The Economic Times.
  17. ^ "Zee Entertainment Down 3% After Promoters Sell Stake". Moneycontrol.
  18. ^ Laghate, Gaurav; Barman, Arijit. "Sony Corporation: Sony, ZEE deal off for now amid valuation differences". The Economic Times.
  19. ^ Thomas, Tanya (31 July 2019). "Invesco Oppenheimer fund to buy 11% stake in Zee Entertainment for ₹4,224 cr". www.livemint.com.
  20. ^ "Investors want MD Punit Goenka out of Zee Entertainment Enterprises - the New Indian Express".
  21. ^ "Sony Pictures India to Merge With Zee Entertainment". The Hollywood Reporter. Retrieved 21 September 2021.
  22. ^ "Zee Entertainment Approves In-principle Merger With Sony Pictures India". Moneycontrol. Retrieved 21 October 2021.
  23. ^ "Sony Pictures Networks, Zee Complete Merger to Create Indian TV Giant". Variety. 22 December 2021. Retrieved 22 December 2021.
  24. ^ "Zee Entertainment's Largest Shareholders Call EGM Seeking Removal Of Punit Goenka From Board". Moneycontrol. Retrieved 21 October 2021.
  25. ^ "Zee Says Will Not Hold EGM As Demanded By Shareholder Invesco". Moneycontrol. Retrieved 21 October 2021.
  26. ^ "Zee-Invesco NCLT Hearing: Invesco Says NCLT Must Make A Mandatory Order To Call EGM". Moneycontrol. Retrieved 21 October 2021.
  27. ^ Chatterjee, Sudipto Dey & Dev (4 October 2021). "Prolonged battle ahead as ZEE Entertainment takes Invesco to court". Business Standard India. Retrieved 21 October 2021.
  28. ^ "Invesco Shoots Letter To Zee Shareholders, Seeks Better Governance, Says Founding Family Benefiting At The Cost Of Others". Moneycontrol. Retrieved 21 October 2021.
  29. ^ "Zee Hits Back At Invesco's Open Letter, Rebuts Objections On Sony Merger Deal". Moneycontrol. Retrieved 21 October 2021.
  30. ^ "Invesco Proposed Merger With Large Indian Group In Feb 2021, Wanted Punit Goenka To Lead: Zee". Moneycontrol. Retrieved 21 October 2021.
  31. ^ "Bombay HC Asks Zee To Call EGM As Demanded By Shareholder Invesco". Moneycontrol. Retrieved 21 October 2021.
  32. ^ Upadhyay, Payaswini. "Zee Vs Invesco: Bombay High Court Proposes To Allow EGM, But..." BloombergQuint. Retrieved 21 October 2021.
  33. ^ "Zee-Invesco Row: Zee Argues Holding EGM Is Illegal, Bombay HC To Hear The Matter On October 26". Moneycontrol. Retrieved 23 October 2021.
  34. ^ "Zee-Invesco Row: A Look At What Happens Next After Bombay HC Bars Invesco From Calling EGM". Moneycontrol. Retrieved 27 October 2021.
  35. ^ Kar, Ayushi. "Invesco to back Zee-Sony deal as long as Punit Goenka is not given PE". @businessline. Retrieved 7 December 2021.
  36. ^ "Zee-Sony Merger Approved, Punit Goenka Will Be CEO Of Merged Entity". NDTV.com. Retrieved 23 December 2021.
  37. ^ "ABP Live - English News, Today's Latest Breaking News in English, Online English News". Archived from the original on 1 May 2015. Retrieved 29 April 2015.
  38. ^ "News18.com: CNN News18 Latest News, Breaking News India, Current News Headlines". Ibnlive.in.com. Archived from the original on 1 May 2015. Retrieved 16 July 2017.
  39. ^ "Sonu Nigam accuses music company of announcing ban on him". India Today. 29 April 2015. Retrieved 8 October 2018.
  40. ^ Pai, Vivek (26 February 2016). "Zee Digital launches online streaming platform OZEE". MediaNama. Retrieved 11 October 2021.
  41. ^ Ahluwalia, Harveen (14 February 2018). "Zee Entertainment launches new video streaming platform Zee5". mint. Retrieved 11 October 2021.
  42. ^ "ZEE5 maintains momentum with 56.3 mn MAU in third quarter". Indian Television Dot Com. 15 January 2019. Retrieved 11 October 2021.
  43. ^ "Platforms – Digital – ZEE Entertainment Corporate Website". www.zee.com. Retrieved 11 October 2021.
  44. ^ "Businesses – Live Entertainment – ZEE Entertainment Corporate Website". www.zee.com. Retrieved 11 October 2021.
  45. ^ "ZEE Studios sets November 11 for the theatrical release of their next Punjabi film Fuffad Ji". EasternEye. 28 September 2021. Retrieved 11 October 2021.
  46. ^ "POPUP". helpcenter.zee5.com. Retrieved 11 October 2021.
  47. ^ Joseph, Anto T. "How a cruise business landed Zee's Subhash Chandra in uncharted waters". Newslaundry. Retrieved 11 October 2021.

External links[edit]