Essel Group Zee Entertainment

Zee Entertainment stock rose 9% in intra-day deals on Tuesday, and was on the verge of confirming a breakout on the daily chart yet again in 2024. The last 3 breakouts turned out be false, show charts

He intends to dedicate his time and energy towards the set goals for the company's future, ZEE Entertainment Enterprises said in a press release

Zee's revenues have continued their declining trend as ad revenue growth remained underwhelming, declining by another 7.9 per cent YoY during the second quarter

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Zee Entertainment Enterprise Ltd on Wednesday reported a consolidated net profit of Rs 118.10 crore for the first quarter ended June 30, 2024. The company had reported a net loss of Rs 53.42 crore in the April-June quarter a year ago, Zee Entertainment Enterprise Ltd (ZEEL) said in a regulatory filing. The total income of the company was up 7.56 per cent to Rs 2,149.52 crore during the quarter under review. It was at Rs 1,998.26 crore in the corresponding quarter. Total expenses of ZEEL was at Rs 1,941.12 crore, marginally up in the June quarter of FY25. Shares of Zee Entertainment Enterprise Ltd on Wednesday were trading at Rs 147.60 on BSE, up 1.72 per cent from the previous close.

Zee Entertainment shareholders have approved a plan to raise Rs 2,000 crore from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs). The special resolution for "issuance of securities for an amount not exceeding Rs 2,000 crore" was passed by 78.83 per cent of the total polled votes, according to a scrutiniser report filed by Zee. "The shareholders of the company have duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crore with requisite majority," the regulatory filing said. The remote e-voting period for this special resolution commenced on Sunday and ended on Monday, July 15, 2024, at 5 pm. Zee Entertainment Enterprise Ltd (ZEEL) plans to raise in one or more tranches through a private placement, a qualified institutional placement, a preferential issue or a combination of them. Though the company has not specified how it plans to invest the amount, experts expect a portion of t

Chandra had filed an appeal against the order and summons by Sebi in the alleged fund diversion matter in Zee Entertainment Enterprises

Zee said it will use the funds to "enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape"

Zee Media Corporation Limited said it had confirmed the cessation of employment of chief executive officer (CEO) Abhay Ojha with effect from May 4, 2024

In January of this year, Japan's Sony Corporation decided to withdraw from a merger of its India unit with Zee, leading to a decline in Zee's share price

Zee Entertainment's president and group chief technology officer Nitin Mittal has resigned as the company streamlines the vertical. The board of the company has accepted the resignation of Mittal, who was working in this role for the last two years, it added. This announcement comes amid strategic changes in the technology and data vertical, implemented by managing director and CEO Punit Goenka, a ZEEL statement said. "The MD & CEO has accepted the resignation of Nitin Mittal," it added. Under the guidance of the Board and in line with the strategic approach undertaken by the MD and CEO, significant steps are being implemented to build a new lateral structure that lays a sharper emphasis on accountability and results," said ZEEL. This is the second major exit from ZEEL recently. Last week Rahul Johri, who was President - Business of ZEEL, and heading revenue and monetisation, resigned after a stint of over three years. Earlier this month, its Chairman R Gopalan in an investor ..

In the same order, issued in August 2023, Chandra's son Punit Goenka was granted relief by the tribunal

Legal experts say Zee took several steps to merge the companies which resulted in litigation costs

Meanwhile, Sony India is going full steam ahead with its plans without Zee and said it is looking for both organic and inorganic growth opportunities in India

The Indian entertainment company was betting on the TV rights to retain its viewership and attract more advertisers in the cricket-crazy nation of more than 1.4 billion people

Discussions are still ongoing between the two sides and a resolution can still emerge before the deadline

Zee is insisting that its Chief Executive Officer Punit Goenka - also its founder's son - will helm the new entity, as agreed in the pact signed in 2021, while Sony is wary of his appointment

A failure to reach an agreement on leadership by December 21 may derail the merger, a news report said.

With this, Goenka can now be appointed as the Managing Director (MD) of the merged entity