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<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

<ul><li>The deal, announced in September last year, has received the <keyword id="139820" type="General" weightage="80" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s nod. </li><li>The deal remains subject to applicable regulatory and other approvals, <keyword id="353090" type="General" weightage="80" keywordseo="zeel" source="Orion">ZEEL</keyword> said.</li><li>The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and <keyword id="6358540" type="General" weightage="100" keywordseo="sony" source="Orion">Sony</keyword> LIV) and two film studios (<keyword id="3415325" type="General" weightage="50" keywordseo="zee-studios" source="Orion">Zee Studios</keyword> and Sony Pictures Films India). </li></ul> The Competition Commission on Tuesday gave its conditional approval to the mega-merger deal between Sony and <keyword id="6372205" type="General" weightage="80" keywordseo="zee" source="Orion">Zee</keyword> that will create one of the largest media groups in the country. The deal, announced in September last year, has received the Competition Commission of India's nod after the regulator accepted "voluntary remedies" proposed by the parties, sources close to the development said. In a tweet, the watchdog said it has cleared the deal with certain modifications. CCI said it has approved the "amalgamation of <keyword id="1417408" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-limited" source="Orion">Zee Entertainment Enterprises Limited</keyword> (ZEEL) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (<keyword id="55015" type="General" weightage="80" keywordseo="cme" source="Orion">CME</keyword>), with certain modifications". Details about the proposed modifications could not be immediately ascertained. CCI had issued show cause notices to the parties after it initially concluded that the deal could have an adverse impact on competition, the sources said. Subsequently, the parties proposed voluntary remedies, which have been accepted by the regulator, they added. ZEEL said CCI has granted the approval in phase-1 after evaluating the official legal and economic submissions made by the company. Most of the deals get cleared by CCI in phase-1 and only if there are serious concerns then the deal concerned is put up for public scrutiny under phase 2. "Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator's guidelines," ZEEL said, adding that further details are awaited. On September 7, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on October 14 to seek their approval for the proposed merger. The deal remains subject to applicable regulatory and other approvals, ZEEL said. In a separate statement, Sony Pictures Networks India said it is delighted to receive CCI approval for the merger. "We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future," it said. Culver Max Entertainment Private Limited was earlier known as Sony Pictures Networks India Pvt Ltd. Deals beyond certain thresholds require the approval of CCI, which keeps a tab on unfair business practices and also promotes fair competition in the marketplace. Both parties had entered into a definitive agreement for the deal in December last year and the proposed merger has already received approval from stock exchanges NSE and BSE. ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries. The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year. Under the deal, there will be amalgamation of ZEE and BEPL with CME. Besides, preferential allotment of certain shares will be made by CME to Sunbright International Holdings Limited, earlier known as Essel Holdings Limited, and Sunbright Mauritius Investments Limited, according to a release issued by CCI. CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME has several general entertainment channels, film, sports and kids' entertainment channels in India. SonyLIV is CME's digital entertainment video service which provides OTT services in India and international markets. CME reaches out to over 700 million viewers in India and is available in 167 countries. BEPL is an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. It is broadly engaged in the acquisition of rights for motion pictures, events and other TV cont ent; and in generating advertising revenue from the telecast of TV content. ZEE is a media and entertainment company, with presence across the segments of broadcasting, digital content, movies, music and live entertainment, spread over 190 countries, as per the release. ZEE5 is the company's digital entertainment video service which provides OTT services in India and international markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms">With 950 billionaires, Asia outnumbers all other regions: Forbes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a>

Competition Commission gives conditional approval to Sony-Zee merger deal

<ul><li><keyword id="141413" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="Orion">Zee Entertainment Enterprises</keyword> has released its quarterly earnings report.</li><li>As per the report, the giant's network share has increased to 17.7%.</li><li>It reported a 187% rise in consolidated net profit at Rs 270 crore for the quarter ending September 30, 2021.</li></ul>Zee Entertainment Enterprises Limited (<keyword id="353090" type="General" weightage="100" keywordseo="zeel" source="Orion">ZEEL</keyword>) has released its quarterly earnings report. As per the report, the entertainment giant's network share has increased to 17.7% and ZEE5 MAUs have gone up by 13 million to 93.2 million from Q1’22. It has reported a 187.3% growth in profit after tax (PAT) on a year-on-year basis at Rs 270.2 crore. <div type="twitter" handle="punitgoenka" handlename="Punit Goenka" image="http://pbs.twimg.com/profile_images/1296998849660293120/aW7KZfw-_normal.jpg" favoritecount="28" retweetcount="4" status="ZEEL’s Q2FY22 Results:A quarter of recovery &amp; revival, dom. ad rev grew YoY &amp; QoQ by 20.1% &amp; 18.9% resp. |14.9% YoY… https://t.co/71QLPvOOC8" createdat="1636634340000" id="1458776269806444545"></div> After two slow quarters, Domestic Ad revenues grew both YoY &amp; QoQ by 20.1% % &amp; 18.9% respectively, while revenue grew but Q2 continued to be partially impacted by Covid in the first half of the quarter. Internationally, the network collected Rs 487 million in advertising revenue and closed the quarter with Rs 878 million subscription revenue. <div type="image" title="zeel ad revenue" msid="87650283" hostid="261"></div> <keyword id="3415325" type="General" weightage="20" keywordseo="zee-studios" source="Orion">ZEE Studios</keyword> is planning to release a strong slate of movies across Hindi, Tamil, Telugu, Marathi and Punjabi languages for H2FY22 and is confident that opening of cinemas across the country to boost prospects of theatrical revenue in the second half of the fiscal. <keyword id="3186290" type="General" weightage="20" keywordseo="zee-music-company" source="Orion">ZEE Music Company</keyword> witnessed 60%+ YoY in YouTube video views and added ~1mn subscribers on YouTube in Q2. With 78mn+ subscribers, it is the second most subscribed Indian music channel on YouTube. ZEEL’s streaming platform, ZEE5’s Q2 Revenues stood at Rs.1,305mn, up 17% sequentially and EBITDA* at Rs 1,720 million. Its average watch time per viewer per month goes down from 190 minutes in Q1 to 186 minutes in Q2. It released 13 original shows and movies released during the quarter. <div type="Article" hostid="261" msid="85100569" title="COVID-19’s second wave impacts ZEEL’s margins for Q1’FY22; domestic ad growth stands at -22.7% than 2020" mstype="2" mssubtype="0"></div>

ZEEL’s ad revenue sees an uptick by 20.1% in Q2FY22; PAT rises 187.3% to Rs 270.2 crore

<ul><li>With lockdowns in most states, ZEE's TV viewership jumped again during the quarter, though lower than Q1 of last year.</li><li><keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s OTT platform ZEE5 closes the quarter with an average watch time of 109 minutes per viewer per month.</li></ul>ZEEL has released its quarterly earnings report. As per the report, second COVID wave reversed the strong recovery the group witnessed in H2FY21. Domestic ad revenues for both Q1FY22 and Q1FY21 were impacted by lockdowns. However, the impact this year was much lower, reflected in 127.9% YoY growth. Compared to Q1FY20, domestic ad revenues were lower by 22.7%. <div type="image" title="zeel revenue" msid="85101065" hostid="261"></div> This increase in marketing cost on a YoY basis is on account of the release of Radhe and continued investments in ZEE5. Marketing costs in Q1FY21 was lower on account of much lower original content production. ZEEL’s broadcast business network share dropped due to lockdown disruption and soft performance in some markets. On the other hand, its TV viewership again jumped during the quarter, though lower than Q1 of last year. ZEEL’s OTT platform, ZEE5 gains its momentum again on the back of an expansive content catalogue. It closed June with 80.2mn global MAUs, 7.1mn global DAUs and 190 minutes average watch time per viewer per month. ZEE5’s Q1 Revenue and EBITDA (loss excludes costs incurred by the business on ZEEL network) stood at Rs.1,117mn and Rs. (2,033mn). The platform released 11 original shows and movies released during the quarter. <keyword id="3186290" type="PERSON" weightage="20" keywordseo="Zee-Music-Company">ZEE Music Company</keyword> added ~3mn subscribers on YouTube. With 75mn+ subscribers, it is the second most subscribed Indian music channel on YouTube. To keep the ball rolling, ZMC is ramping up its content library by adding movies across Hindi, Tamil, Telugu, Marathi and Punjabi languages starting H2FY22.

COVID-19’s second wave impacts ZEEL’s margins for Q1’FY22; domestic ad growth stands at -22.7% than 2020

<ul><li><keyword id="6372205" type="General" weightage="20" keywordseo="zee" source="Orion">Zee</keyword> Entertainment has cancelled the board meeting scheduled on October 27.</li><li>The meeting was to consider and approve its quarterly results.</li><li>The company cited a lack of quorum for cancelling the meeting.</li></ul>Zee Entertainment in a stock exchange filing has revealed that it has cancelled the board meeting scheduled for October 27. The board meeting was scheduled to consider and approve its results for quarter-ended September 30, 2021. The company has claimed that the meeting has been cancelled due to a lack of quorum. Quorum is the minimum number of members that need to be present in a meeting for it to become a valid meeting. "This is to inform that a meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum," the company said. <div type="Article" hostid="261" msid="86420990" title="Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment" mstype="2" mssubtype="0"></div> The company has not announced a new date for the meeting. It has said that the next date for the meeting will be declared with a fresh notice. "Further, the Trading Window for dealing in securities of the Company which stands closed from October 1, 2021, in pursuance of Company's Insider Trading Code, shall remain closed till 48 hours after the announcement of Un-audited financial results of the Company for the 2nd quarter and half year ended September 30, 2021.” The Bombay High Court has granted an injunction against calling an extra ordinary general meeting (EGM). After this, the share price of Zee went up and closed at ₹317.45, an increase of over 4% from Monday's price. Zee is currently embroiled in a legal tussle with <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco</a>, one of the company’s largest shareholders. Earlier this month, the company’s Chief Executive Officer and Managing Director Punit Goenka taking a jibe at Invesco had <a href="https://www.businessinsider.in/business/corporates/news/zee-invesco-saga-punit-goenka-speaks-up-for-the-first-time-asks-if-corporate-governance-doesnt-apply-to-institutional-investors/articleshow/87019547.cms">questioned</a> if corporate governance does not apply to institutional investors. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/zee-invesco-saga-punit-goenka-speaks-up-for-the-first-time-asks-if-corporate-governance-doesnt-apply-to-institutional-investors/articleshow/87019547.cms">Zee-Invesco saga: Punit Goenka speaks up for the first time, asks if corporate governance doesn’t apply to institutional investors</a> <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger</a>

Zee cancels October 27 board meeting, cites lack of quorum

<ul><li>Gearing up for the festive season, <keyword id="353090" type="General" weightage="100" keywordseo="zeel" source="Orion">ZEEL</keyword> has lined up to launch 40 fiction, 20 non-fiction new shows across multiple languages</li><li>It has also announced its new bouquet pricing in compliance with NTO 2.0</li></ul><keyword id="381258" type="General" weightage="20" keywordseo="zee-entertainment-enterprises-ltd-" source="Orion">Zee Entertainment Enterprises Ltd.</keyword> (ZEEL) has released its <keyword id="12335972" type="General" weightage="20" keywordseo="new-a-la-carte-channel" source="Orion">new a-la-carte channel</keyword> and bouquet pricing in line with the Bombay High Court order dated 30.06.2021 with regard to <keyword id="7275030" type="General" weightage="20" keywordseo="new-tariff-order" source="Orion">New Tariff Order</keyword> (NTO) 2.0. The said pricing is being released without prejudice to ZEEL’s rights and contentions under all petitions pending adjudication before Supreme Court w.r.t. New Tariff Order (NTO) 2.0. ZEEL currently has 67 channels that come in 11 languages. With a pan India network encompassing a weekly reach of 606 million viewers and weekly consumption of 163 billion+ minutes*; it has one of the highest viewership bases across Hindi and regional language markets, including Marathi, Bangla, Kannada, Telugu, Tamil, Malayalam, Bhojpuri, Odia, Punjabi and English in the GEC, movies, news, music, lifestyle and HD genres. Speaking about the new channel pricing, <keyword id="281749" type="General" weightage="20" keywordseo="rahul-johri" source="Orion">Rahul Johri</keyword>, President – Business, South Asia, Zee Entertainment Enterprises Ltd. said, “ZEEL’s unparalleled success is an outcome of its strong bond with viewers spread across India and the deep relationship it has built with the entire stakeholder community. These extraordinary partnerships have led to our leadership across multiple markets for nearly three decades. We will continue to create value for the entire ecosystem by presenting the most entertaining and highest quality content, enriching national and regional channels and through innovative solutions for revenue monetization. We are confident that post implementation of NTO 2.0, ZEE channels will continue their growth momentum across markets and create higher value for the company.” Commenting on the announcement, Atul Das, Chief Revenue Officer – Affiliate Sales, said “At ZEEL, we are committed to providing the best entertainment to our consumers. The new pricing regime in 2019 brought in a major shift in the way television was consumed in India. On one hand, it brought in transparency about MRP of channels, while on the other hand it offered freedom to consumers to select channels they wish to watch. With NTO 2.0, consumers will get even more flexibility in selection of channels. We will continue to provide multiple bouquets to consumers across the country at different price points. Premium English channels like Zee Café and &amp;flix will continue to be available in a separate bouquet. Each bouquet constitutes a mix of channels, including GEC, movies, news, music and lifestyle genres. We look forward to working with our Distribution Platform Operators (DPO) partners for a smooth transition.” Currenlty, ZEEL produces 419 hours of new content every week on an average. Gearing up for the festive season, it has lined up to launch 40 fiction, 20 non-fiction new shows across multiple languages. It will also present 40 World Television Premieres across its channels over the next few months.

ZEEL announces new a-la-carte channel and bouquet pricing in compliance with New Tariff Order

Vodafone Idea, Zee Entertainment, Airtel and other top stocks to watch out for on September 23

<ul><li>Subhash Chandra, Chairman of <keyword id="131292" type="COMPANY" weightage="20" keywordseo="Essel-Group">Essel Group</keyword> announced today that he has settled over 91% debt to lenders.</li><li>In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities.</li><li>He also shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.</li></ul>Chairman of the Essel Group, <keyword id="1114989" type="PERSON" weightage="20" keywordseo="Dr-Subhash-Chandra">Dr Subhash Chandra</keyword> today issued a second Open Letter, in which he shared the details of the debt resolution process and the steps taken to pay off the lenders. Dr Chandra revealed that over 91% of the debt has been settled to 43 lenders, and the remaining dues are in the process of being paid. In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities. Backed by the immense support and trust bestowed upon him by the lenders, Dr. Chandra has managed to fulfill his promise. The asset divestment process certainly took a setback during the pandemic, which slowed down the overall debt resolution process. Dr. Chandra aspired to release the mentioned second Open Letter after settling 100% of the debt to the lenders, however the unprecedented times led to a delay. Sharing the key points pertaining to the debt resolution, Dr. Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.” Dr. Chandra further elaborated on his earnest desire to settle the remaining outstanding dues before the end of this fiscal year or before. He also emphasized on the fact that he does not regret the decision taken to part with a substantial portion of his ownership in his key businesses, attributing this decision taken to preserve the honour of his family. He reiterated the exit from the Infrastructure, Financial services &amp; Print Media businesses. As a pioneer by heart and an optimist by nature, Dr. Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. With a vast experience of 53 years, Dr. Chandra is all set to once again shake up the digital video landscape by leveraging state of the art technology. Giving a glimpse into his new entrepreneurial venture, Dr. Chandra shared, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as <keyword id="7161942" type="UNKNOWN" weightage="20" keywordseo="AI/ML">AI/ML</keyword> (Artificial Intelligence &amp; Machine Learning) in the video space, without getting into any conflicts with <keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”

Dr Subhash Chandra reveals his plans of venturing into video in digital space

<ul><li>Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company. </li><li>ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey. </li><li>The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.</li></ul>Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25. The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992. Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore. Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.

Subhash Chandra quits as Chairman of ZEEL

<ul><li>Advertisement growth typically returns with a lag to economic growth. </li><li>Increased spend towards movie and OTT content to arrest declining market share.</li></ul>As per <keyword id="46252" type="PERSON" weightage="20" keywordseo="Motilal-Oswal">Motilal Oswal</keyword> Institutional Equities, <keyword id="10213964" type="UNKNOWN" weightage="20" keywordseo="Zee-Entertainment-and-Enterprises-Ltd">Zee Entertainment and Enterprises Ltd</keyword> revenue declined by 19% YoY (in-line) as ad revenue fell 26% YoY. “We have revised up ad revenues by 6%/6% for FY21/FY22E on better revenue visibility. But, we reduce revenue estimates from other sales divisions, maintaining our overall FY21/FY22E revenue. EBITDA remains unchanged, with increased content cost toward: a) movie/OTT, to arrest the decline in market share in key markets b) high inventory unwind, offset by lower other operating expenses. Thus, we factor in a 14%/22% EBITDA / adj. PAT CAGR. Maintain Neutral, with TP of INR 190,” read its press statement. Ad revenues remain weak Zee’s consolidated revenues declined 19% YoY to INR 17.2b (in-line). Advertisement revenues declined 26% YoY to INR9b on account of a drop in ad spends due to the impact of COVID-19. On the other hand, subscriptions grew by 11% YoY to INR8b on the inclusion of music revenue in the Subscription segment. Hence, on a like-to-like basis, domestic subscriptions grew 2.3% YoY, primarily driven by growth in ZEE5 subscription revenues. Zee’s total operating expenses were flat YoY at INR14b – as programming resumed in a staggered manner across regions – including a one-time provision toward subscription receivables of INR812m. EBITDA thus declined 55% YoY to INR3.1b. (20% miss), with margins of 18.2% (32.7% in 2QFY20). Zee took one-time provisions of INR812m toward receivables from Siti Networks. Adjusted for a one-off, EBITDA increased 43% YoY to INR3.9b, with a 22.9% EBITDA margin. Additionally, it incurred: a) Exceptional items of INR970m toward provisions of receivables from Siti Networks – as ZEE has provided corporate guarantees b) FV loss of INR207m – due to a change in the market price of redeemable preference shares. n Reported PAT declined 77% YoY to INR942m (est. PAT of INR2.5b), and adj. PAT (for exceptional items) declined 70% YoY to INR1.7b Highlights from management commentary Subscription growth in FY21 is expected to fall short v/s higher expectancy by the management earlier, while ad revenues should normalize by 3QFY21 and may grow from 4QFY21. n Margin trajectory may return to normal by FY22E and ZEE5 is expected to achieve breakeven by FY24E. ZEE’s investment in SugarBox would depend on the upcoming contract from the Railways, to be received by SugarBox. n Inventory and advance deposits dropped to INR60b in Sep’20 from INR64b in Mar’20. Valuation and view Advertisement growth typically returns with a lag to economic growth. Furthermore, the risk of margin pressure remains from over INR1.9b quarter loss in OTT investments, along with increase programming cost towards: a) high inventory unwind and b) increased spend toward movie and OTT content to arrest declining market share. However, since FY20, management has highlighted that it remains highly committed to bringing in a) increased governance and higher transparency toward investment in financial assets and working capital and b) high governance standard, including a robust and independent board. “We remain watchful of the evolving business situation and governance measures, including the admission of new board members over the next few months and increasing financial disclosures for investors. We maintain our FY21/FY22E revenue and EBITDA estimates. Thus, we factor in a 14%/22% EBITDA / adj. PAT CAGR. The stock trades at 12.5x FY22E EPS of INR15; we value ZEE at 13x FY22E EPS, thus maintaining our Target Price at INR190. Maintain Neutral,” read the statement.

ZEEL's ad revenues declined by 26% YoY to Rs 9 billion due to COVID-19

<ul><li>According to <keyword id="353090" type="COMPANY" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s statement to the BSE, <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> has tendered his resignation, as the Non-Executive Director of the Company.</li><li>He has been appointed as <keyword id="193135" type="POSITION" weightage="20" keywordseo="chairman-emeritus">Chairman Emeritus</keyword> and 'will continue to guide the Board and Company's Senior Management'.</li><li><keyword id="123778" type="PERSON" weightage="20" keywordseo="R-Gopalan">R Gopalan</keyword> has been appointed as Chairman of the Board.</li></ul>Zee Entertainment Enterprises Limited (ZEEL) has announced the appointment of Subhash Chandra as Chairman Emeritus. It also announced that R Gopalan has been appointed as Chairman of the Board. In its statement to the Bombay Stock Exchange (BSE), ZEEL said, "Shri Subhash Chandra, vide his letter dated August 18, 2020 has tendered his resignation, as the Non-Executive Director of the Company, which was reluctantly accepted by the Board of Directors. In the mentioned letter of resignation, Shri. Chandra expressed a great sense of satisfaction, having witnessed a Company which he founded 27 years ago, emerge into a global media &amp; entertainment powerhouse. He also expressed his passion as an entrepreneur, to consistently work towards creating a better tomorrow and mentioned about his undivided attention needed for the same. " The statement further said that the Board had requested him to act as 'Chairman Emeritus' with effect from August 19, 2020 which was accepted by him. "In this advisory role, his rich experience and farsightedness will help the Company immensely and his services, guidance and mentorship will be availed from time to time. This position will not carry any remuneration. "As Chairman Emeritus, Shri. Chandra will continue to guide the Board and Company's Senior Management," read the statement. R. Gopalan was appointed as an Additional Director in the category of Independent Director on November 25, 2019. Gopalan, who has done Master of Public Administration &amp; Management from Harvard University, MA in Economics from Boston University and Bachelor's in Chemistry from Madras University, has a rich experience in economic and financial administration of the country with long stints in Ministry of Commerce and Finance Ministry, and in Manufacturing and Services Sectors. He has been appointed as the 'Chairman of the Board' with immediate effect, added the statement.

ZEEL appoints Subhash Chandra as Chairman Emeritus, R Gopalan as Chairman of the Board

<ul><li><keyword id="148198" type="PERSON" weightage="20" keywordseo="zee-cafe">Zee Cafe</keyword> has recently completed 20 years.</li><li>We caught up with <keyword id="8227950" type="UNKNOWN" weightage="20" keywordseo="Kartik-Mahadev">Kartik Mahadev</keyword>, Business Head, Premium Channels, ZEE to talk about the channel’s journey in India, some key milestones and how it has succeeded in staying relevant at a time when a lot of <keyword id="659577" type="PERSON" weightage="20" keywordseo="TV-viewership">TV viewership</keyword> is slowly gravitating towards OTT platforms. </li></ul> Much before OTT platforms brought content from across the globe to our drawing rooms, English GECs like Zee Café played a pivotal role in introducing us to some of the best global content. Over the years, the channel has kept viewers glued to their screens with shows like Seinfeld, Friends, The Sopranos, Mad About You, among many others. Recently, the channel completed 20 years and we caught up with Kartik Mahadev, Business Head, Premium Channels, ZEE to talk about the channel’s journey in India, some key milestones and how it has succeeded in staying relevant at a time when a lot of TV viewership is slowly gravitating towards OTT platforms. Edited excerpts: Q) Tell us a bit about Zee Cafe's 20-Year journey. What have some of the major highlights been? Two decades ago, while the Indian audience was still warming up to international content, Zee bolstered a new era of English programming on television with the launch of what was then called Zee English, later rebranded as Zee Café. Since inception, it has been our sole endeavor to bring the best of English entertainment to the Indian viewer, with iconic shows like Seinfeld, Friends, The Sopranos, Mad About You and Emmy winners - ER and The West Wing. Circa, early 2000s, consumption of English entertainment was still at a nascent stage in India where those who speak, understand and appreciate international content on television formed just a sliver of the pie. Today, this is has grown into a ‘Glocal’ community. Zee Café has played a pivotal role in shaping this genre through compelling content and shaping the aspirations of this community of international content viewers. Zee Café has driven several successful innovations for a delightful viewer experience. Be it through the marquee offering ‘Along With The US’ launched in early 2000s where the latest international shows like The Big Bang Theory, Grey’s Anatomy and Supergirl were aired along with its US release or the introduction of ‘binge-watching’ as a format with ‘House of Cards S3’ and subsequent properties like ‘BBC First’ and ‘Breakfast To Bed Binge’ – Café has always catered to the evolving consumer needs. As consumption appetite for English entertainment evolved, we introduced compelling dramas as part of properties like Hollywood On Café that promised the scale and grandeur of Hollywood on television. The BBC First Dramas on Café added a complex and visceral mix of content with a TV First approach. We also provided variety of content with locally-nuanced content with celebrity chat shows like ‘Look Who’s Talking with Niranjan’ in the past and shows like ‘Not Just Supper Stars’ and ‘Starry Nights’ featuring A-list Bollywood celebrities more recently. Today, our stable subscriber base is an indication of the channel’s strength amongst a loyal set of consumers who choose the channel for its strong legacy of content. Our promising 20-year journey has been one backed by the support of many individuals and studio partners in shaping the English entertainment landscape, with whom we celebrate this milestone. Their contribution has enabled us to truly entertain our audience by creating togetherness moments and sparks conversations around content. Q) A lot of <keyword id="1368992" type="PERSON" weightage="20" keywordseo="English-GEC">English GEC</keyword> audience has been steadily shifting to OTT platforms over the years. What are you doing to ensure stickiness to your channel? There is no doubt that the digital video platforms are here to stay. However, today we live in an AND world, not an OR world. English entertainment (Movies + GEC) on Television caters to 170 million+ viewers (BARC @ All India 2+ U+R, Week 01'20- Week 29' 20). The lockdown has showed us that the viewers choose to watch television for the curated content experience it provides, to not just individuals but the entire family. Studies reveal that consumption of overlapped content between TV and OTT grew on television from 59% pre-NTO to 82% contribution post-NTO for sitcom, drama, reality genres. It naturally follows that navigation between screens is seamless and consumption on TV and digital is complementary in nature. The surge in TV viewership post lockdown tells us that television is the trusted medium of entertainment. Television provides youth-focused brands and premium brands the opportunity to associate with a premium subscriber base that is defined basis their content choice. This sort of content and platform synergy for brands to associate with, is not available on OTT platforms where English content is behind paywall. While content consumption on OTT is growing, it is the Hindi and regional original content that are the primary drivers of this growth. Television is and will continue to be the destination for brands to build long-term content association with a premium subscriber base through exclusive content on a channel like Zee Café. The locally nuanced shows such as Starry Nights Gen Y, also provides an opportunity to drive branded content integrations in an organic manner. When it comes to OTT, content discovery is and will continue to pose a challenge to viewers looking to unwind with quality content. This is where television channels that understand their consumer and curate well, delight the viewer. Post lockdown, the channel has added 256 hours of content including latest dramas such as ‘Nancy Drew’ and ‘Evil’, iconic sitcoms such as ‘Seinfeld’ and ‘I Dream of Jeannie’ along with the original airings of the celebrity chat show Starry Nights GEN Y. While marquee international shows bring the best of the world to our viewers, locally produced content allows us to add a new dimension from the Indian point of view. In the future, we have a robust line-up of light-hearted and locally nuanced content that help build relevance from an Indian context. Q) While TV viewership saw a boost during the lockdown, how was it for Zee Cafe? The lockdown has showed us that the viewers chose to watch television for the curated content experience it provides, to not just individuals but the entire family. We observed a trend in audience preferences towards familiar, light-hearted content amidst the uncertainty and gloom. We were early to spot the trend and introduced tactical changes in our programming. ‘Nostalgia’ as a genre clearly emerged as a big theme across television with several successful examples in Hindi GEC. Spotting the trend early, we introduced the iconic sitcom of the 90s– Seinfeld along with the 60s sitcom ‘I Dream Of Jeannie’ which resonated with the viewers. Conversational shows and iconic sitcoms along with easy to watch movies have performed well with an increase in time spent on Zee Café. We saw a growth in non-prime time viewing as well and hence to keep viewers entertained through-out the day, we introduced back-to-back episodes of MasterChef Australia S8, Everybody Hates Chris and The Big Bang Theory S12 on Zee Café along with newer dramas like Nancy Drew and Evil. Q) How are you trying to bring advertisers back to the channel? These have been uncertain times across several consumer businesses. During the lockdown period, only essentials were being sold which had an impact on advertiser income. Through the lockdown, TV remained a trusted medium for entertainment and information for the family, witnessing significant growth in viewership. With the relaxations in lockdown, economic activity is resuming, and we need to drive effective customer solutions for future growth. We are in a strong position as far as subscription revenue is concerned with a stable subscriber base and growth in contribution of HD subscribers. This is an indication of its strength amongst a homogeneous set of consumers who chose Zee Café for its strong legacy of content. Television will continue to be the ideal platform for advertisers looking to reach out to their consumers. Youth-focused premium brands can pick and choose fresh content that they can associate with to reach a premium subscriber base given a sharply segmented audience that English entertainment on television attracts while similar content on digital is behind paywall. Recently, for the premiere of Jumanji: The Next Level on &amp;flix, Zee Café and &amp;PrivéHD, and a simulcast in Hindi on Zee Cinema, we saw several reputable brands onboard such as Kia Motors, Ariel, Amazon, Airtel 4G, Xiaomi, Protinex and ITC along with Bingo Potato chips, Hyundai Creta, Behrouz Biryani, Bharat Matrimony onboard for the Hindi simulcast. The premiere garnered an overwhelming response with an incredible 34 million reach making it one of the biggest premieres in the last 12 months. Q) What have some of your growth drivers been? What has helped Zee Cafe stay relevant and win against the test of time? With out-of-home entertainment options being limited in the new normal, television will continue to be the trusted entertainment destination for individuals and families. Interestingly, India is the second-largest English speaking country in the world (BBC India Report - 2012).Thus, in the long run, regional markets will continue to fuel new user growth for English entertainment. There is a whole set of audience moving from regional to English content as they become more comfortable with English as a professional, conversational language. We have designed unique offerings such as locally nuanced content on Zee Café that has helped drive resonance and enabled adoption of English content amongst an aspirational, English comfortable audience. Q) What are your strategies towards bringing more viewers to your channel, enhancing their experience and also how are you looking at driving higher engagement? Our content philosophy was built around ‘All Eyes On New’, with an endeavor to deliver fresh content or a fresh perspective to iconic content. With curation as our core focus, we’ve constantly introduced new programming formats and new properties that best suit the needs of our ever-evolving viewers. With content blocks such as ‘BBC First’ which brought complex British dramas for the first time to India or ‘Along With The US’ where our viewers watched fresh content series along with its international telecast; we truly set the benchmark for being the innovators in the English entertainment category. With most of the shows on Zee Café such as Titan Games, American Idol, Battlebots, Seal Team, FBI, A Million Little Things, Charmed, The Chefs’ Line being available on television first, we’ve lived up to the consumer promise of ‘All eyes on New’. Catering to the evolving needs of the consumer, we introduced locally nuanced content such as Starry Nights GEN Y and Not Just Supper Stars that broadened the consumption repertoire on the channel.

Zee Café has played a pivotal role in shaping the ‘glocal’ genre through compelling content: Kartik Mahadev, ZEEL

<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword> will be the MD &amp; CEO of ZEEL for the next five years.</li><li>He was appointed CEO in July 2008 and has been MD of the <keyword id="6354777" type="COMPANY" weightage="20" keywordseo="Media">media</keyword> firm since January 1, 2010.</li><li>The statement also said that approval on the <keyword id="388617" type="PERSON" weightage="20" keywordseo="reappointment">reappointment</keyword> will be sought from shareholders subsequently.</li></ul> In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the Board of Directors of <keyword id="174248" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) has decided to reappoint Punit Goenka, in principle as the Managing Director &amp; CEO of the company, for a further period of 5 years upon conclusion of his current term on December 31,2019. The statement further said that shareholder approval would be sought subsequently. Goenka, the elder son of Essel group promoter and Zee chairman <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> was appointed CEO in July 2008 and has been MD of the media firm since January 1, 2010.

Punit Goenka reappointed as MD and CEO for ZEEL

<ul><li>ZEEL's domestic advertising <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">revenue</keyword> for Q3FY21 grew by 7.5% YoY and 43.6% QoQ.</li><li>Its international ad revenue and <keyword id="2212194" type="PERSON" weightage="20" keywordseo="subscription-revenue">subscription revenue</keyword> stood at Rs 577 million and Rs 1091 million respectively.</li><li>Its domestic subscription revenues reported a growth of 18% including revenue from its music business which has been reclassified as subscription revenue in this fiscal.</li></ul><keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">Zee Entertainment Enterprises Limited</keyword> announced that its domestic advertising revenue for Q3FY21 grew by 7.5% YoY and 43.6% QoQ. This sharp recovery post H1 is a reflection of a resurgence of consumer demand and spending, the broadcaster said in its statement. Its international ad revenue and subscription revenue stood at Rs 577 million and Rs 1091 million respectively. Its domestic subscription revenues reported a growth of 18% including revenue from its music business which has been reclassified as subscription revenue in this fiscal. Comparable growth of 9.3% in the domestic business was driven by both television and <keyword id="6245082" type="COMPANY" weightage="20" keywordseo="ZEE5">ZEE5</keyword>. ZEEL's all India viewership share stood at 18.2% in Q3. The network also launched 2 new channels – Zee Zest and Zee Vajwa, taking the network channel count to 47. ZEE5 global's MAUs and DAUs stood at 65.9 million and 5.4 million respectively in Dec’20 and it released 7 movies on ‘Pay Per View’ model. The report also stated that while its share is back to pre-COVID levels, overall network share has seen a decline due to FTA channels losing share and decline in the overall Hindi movie genre.

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