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Japan's Sony will continue to invest aggressively in India, one of its most important media and entertainment global markets, with an eye on creating compelling contents, according to a senior company official. Sony Pictures Networks India (SPNI) Managing Director and CEO Gaurav Banerjee told PTI that the company is not concerned about competition from Jio Hotstar combine but is rather looking at "working together to figure out how best to entertain India". SPNI is a part of Japanese conglomerate Sony Group Corporation that had announced to invest USD 1.575 billion while announcing the failed merger with Zee in September 2021. Despite the failure of its merger with Zee, the company is open to explore alternative routes to grow, although the current focus is on growing and strengthening existing business, he added. "It (India) is one of the most significant and important markets for Sony globally and the reason for that is simple. One is this is the largest country by population ...
Zee Entertainment and its subsidiary Margo Networks have lost their claims in the arbitration against Navratna PSU RailTel Corporation of India. An arbitration tribunal -- formed over the dispute over the termination of the contract for content-on-demand (COD) by the PSU -- rejected the claim of Margo Networks. "This is to inform you that the Arbitral Tribunal vide its Arbitral Award has rejected the said claims filed by the Company and Margo against Railtel," according to a regulatory filing from Zee Entertainment. Zee Entertainment Enterprises Ltd (ZEEL) and its subsidiary had initiated arbitration proceedings, opposing "wrongful termination of the Content on Demand Agreement" by Railtel, and claimed the amounts wrongfully forfeited by the public sector undertaking. Further, the Arbitral Tribunal has also rejected the counterclaims made by Railtel, it added. "The company is evaluating the option of filing an application/appeal before the appropriate Court for setting aside of th
Zee Entertainment Enterprises Ltd on Friday reported a consolidated net profit of Rs 13.35 crore in the March quarter. The company had posted a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal, Zee Entertainment Enterprises (ZEEL) said in a regulatory filing. Consolidated total income in the quarter stood at Rs 2,185.29 crore as against Rs 2,126.35 crore in the corresponding period a year ago, it added. In the fourth quarter of FY24, domestic advertising revenue grew 10.6 per cent year-on-year driven by the continued recovery in macro advertising environment and spending pickup by FMCG clients, while subscription revenue growth was driven by pick up in linear subscription, the company said in an investor presentation. Total expenses in the fourth quarter were lower at Rs 2,043.76 crore as compared to Rs 2,083.35 crore in the year-ago period. The board of directors has recommended a final dividend of Re 1 per equity share having face value of Re 1
Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of independent advisory panel to include investigation assessment. The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company. In a regulatory filing, Zee Entertainment Enterprises Ltd (ZEEL) said, "On recommendation of the Audit Committee, the Board of Directors of the Company, in its meeting held today, has considered and approved to further expand and strengthen the role of the 'Independent Advisory Committee' by including 'Investigation Assessment' as a primary responsibility of this Committee.
With a reach of 161 million views, a staggering 46 per cent of which being women viewers, Zee Entertainment has announced that the DP World ILT20 league continues to be the world's second most watched franchise-based cricket competition. The tournament garnered an impressive reach of 161 million for its first 18 matches, 56 per cent of the audience being under the age of 30, according to data released by BARC INDIA 2+, TV+OOH, and LIVE+PPL. The company has reported an uptick of 12 per cent among 15+ urban audiences in India compared to the inaugural edition. The time spent on the league, which started on January 19 has surged by an impressive 33 per cent among viewers aged 15 and above in urban India. "This substantial increase in viewing duration emphasizes the league's ability to captivate and retain the attention of its audience, contributing to a more immersive and rewarding viewer experience," said league's media rights holder ZEE in a statement. The tournament with six teams
The Securities Appellate Tribunal (SAT) on Friday postponed to September 13 the final hearing on a plea challenging a SEBI's confirmatory order that barred Zee Entertainment Enterprises' Punit Goenka and Subhash Chandra from holding any key positions in the company and other organisations. After hearing rejoinders from counsels Abhishek Manu Singhvi and Navroz Seervai, representing Goenka and Chandra, SAT said it will continue the hearing on September 13. SAT further stated that on September 14, it will hear Goenka and Chandra's rejoinders. In his rejoinder, Singhvi said that SEBI passed the confirmatory order without concluding the investigation and is based on mere speculation. The market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds, he added. SEBI's confirmatory order bars Goenka and Chandra from holding any directorship or other key managerial positions in the company and other organisations. Singhvi also said the Se
A new channel launched by Indian media conglomerate Zee Enterprises which will feature programmes dubbed into South Africa's largest language, isiZulu, will be a catalyst for social cohesion, Zulu King Misizulu Ka Zwelithini has said. The Zee Zonke (Zee for All' in isiZulu) started broadcasting last week on the DSTV satellite platform in all its different bouquets. The channel will offer drama series and novellas fully dubbed in isiZulu, catering for South African audiences. "We support the good decision by Zee Enterprises to launch Zee-Zonke. We view this not only as promoting isiZulu but also as a catalyst for social cohesion between Zulus, Ngunis (the second largest indigenous population in South Africa after the Zulu nation) and Indians in our country and the world, the King said in an address delivered on his behalf by Prince Ishwar Mabheka Zulu Ramlutchman at the official launch of the channel last week. Ramlutchman, who is also the president of the Sivananda World Peace ...
The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notice to Zee Entertainment Enterprises Ltd (ZEEL) over a petition filed by private sector lender IDBI Bank, directing it to file a reply within two weeks. The private lender has challenged an NCLT order, which on May 19 rejected a plea to initiate insolvency proceedings against the media major. An NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra also granted two weeks to IDBI Bank to file rejoinder and directed to list the matter on October 11 for the next hearing. The Mumbai bench of the National Company Law Tribunal (NCLT) on May 19, 2023, set aside the bank's plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench said that Zee Entertainment Enterprises Ltd (ZEEL), which was the corporate guarantor for the loan availed by Siti Networks -- the ...