Zee Media Corp and Zee Entertainment rose by 0.74% to 1.21% at 11:19 IST on BSE after the company said its unit, Taj Television India, will distribute over 47 leading television channels belonging to Zee Group and Turner International India.
Zee Entertainment Enterprises (up 1.21%) and Zee Media Corporation (up 0.74%), edged higher.
The S&P BSE Sensex was down 15.71 points, or 0.06% at 25,230.54.
Zee Entertainment Enterprises had underperformed the market over the past one month till 18 June 2014, rising 1.02% compared with 4.66% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.20% as against Sensex's 15.64% rise.
Zee Media Corporation had outperformed the market over the past one month till 18 June 2014, rising 54.08% compared with 4.66% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 45.71% as against Sensex's 15.64% rise.
Taj Television India, a subsidiary of Zee Entertainment Enterprises (Zee), will distribute over 47 leading television channels belonging to Zee, Zee Media Corporation and Turner International India.
The agency will also distribute Zindagi, a recently-launched general entertainment channel. Zindagi aims to showcase real, friendly, vibrant and premium stories of those from across the world that share similar cultural backgrounds, morals and values that are also intrinsic to India, Zee said in a statement.
Mr. Punit Goenka, Managing Director and CEO, Zee commented, "I am very pleased to announce that Taj Television, which earlier was distributing Ten Sports channels, will now distribute all the channels of Zee Entertainment and Zee Media Corporation, while also representing Turner channels as its authorized agent. I would like to thank all our DTH and Cable partners who have been part of our growth journey and look forward to their continued support to Taj Television. Arun Kapoor, who has successfully led Mediapro for the last three years, would continue to provide leadership to Taj Television. Rajesh Sethi would continue to be the CEO for Sports broadcasting network of Zee."
Mr. Arun K Kapoor, CEO, Taj Television said, "Zee has been the pioneer in Indian television and has the experience and leadership capability to shape the future of pay revenues in India. With Taj Television being created as the distribution entity for the network, we bring together the best of television channels to our customers. We are confident that the new channel Zindagi will really connect with the viewers and help grow Taj Television offering even stronger. We are committed to quality and achieving leadership through fair and transparent business practices."
Mr. Atul Das, President, Taj Television, said "With digitization having been completed in Phase I and Phase II cities in India, we now look forward to its implementation in rest of the country. Taj Television would aim to create a harmonious relationship within the ecosystem and create value for all stakeholders. With a leading portfolio of television channels, both in the national and regional space and with a powerful portfolio of sports programming, we are excited about the future of pay revenues in the country."
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