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<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword>, Managing Director &amp; Chief Executive Officer, <keyword id="141413" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises">ZEE Entertainment Enterprises</keyword> wrote an <keyword id="492565" type="COMPANY" weightage="20" keywordseo="Open-letter">open letter</keyword> to shareholders, talking about his vision for ZEEL.</li><li>He wrote that the company has introduced new policies to strengthen its Governance, mitigate the risks and safeguard its business interests.</li><li>He also wrote that he was here to stay, 'I have taken this up as a challenge to restore the goodwill; not just for me, not just for my family, but for the entire team at ZEE'.</li></ul> In an Open Letter issued this evening, Punit Goenka, Managing Director &amp; Chief Executive Officer, ZEE Entertainment Enterprises Ltd., shared his strategic vision for a new version of the Company – titling it as <keyword id="9636819" type="UNKNOWN" weightage="20" keywordseo="Zee-4-0">ZEE 4.0</keyword>. Goenka laid out the future roadmap to propel the Company as a premier media &amp; entertainment powerhouse. The new and stronger ZEE 4.0 is implementing a 5G formula focusing on – <keyword id="9636821" type="COMPANY" weightage="20" keywordseo="governance-granularity-growth-goodwill-gusto">Governance, Granularity, Growth, Goodwill &amp; Gusto</keyword>, that will define the new phase of the Company. Sharing his thoughts about the envisioned new version of ZEE, Goenka in his letter stated that the 5G approach will define the future of the Company, as it gears up to take the next big leap. He said, “The start of this financial year has been a rather special one for me and the entire team at ZEE. Since for us; it is not just the beginning of another new year, but the beginning of an entirely new life for the Company. The beginning of a Company which is transforming in line with its new realities. The beginning of a sharper, leaner, greener version of ZEE. The beginning of ZEE 4.0.” The 5Gs of ZEE 4.0: • Governance: ZEE has further strengthened its Board with new esteemed members that bring in the required blend of expertise, experience and wisdom. The Company has also introduced new policies to strengthen its Governance, mitigate the Risks and safeguard <keyword id="9636820" type="COMPANY" weightage="20" keywordseo="the-business-interests">the Business Interests</keyword>. • Granularity: ZEE 4.0 will adopt a more granular and transparent approach while reporting, ensuring that its valuable stakeholders gain a deeper insight into the business. • Growth: ZEE’s constant endeavor to stay ahead of the industry performance will always be a guiding factor in all its future initiatives. The Company in this new chapter will continue to harbor a stronger focus on growth and profitability to constantly enhance shareholder value. • Goodwill: With a strong intent to restore the goodwill of the Company, Goenka put all rumors to rest, clarifying – “I am here to stay, and remain committed towards ZEE. I have taken this up as a challenge to restore the goodwill; not just for me, not just for my family, but for the entire team at ZEE.” • Gusto: Proudly acknowledging the professional leadership team of the Company, Mr. Goenka stated that the zeal, passion and commitment displayed by the team has been amongst the key factors instrumental to the Company’s success. The new ZEE 4.0 will further intensify these aspects to compete in a rapidly evolving world. He further added that in its journey of almost three decades, ZEE has emerged as a brand synonymous to entertainment, not only in India but across the globe. Courtesy to its rich legacy, strong content creation capabilities and pioneering initiatives, the Company has been consistently delivering extraordinary entertainment experiences across multiple consumer touchpoints. The new ZEE 4.0 is geared up with a stronger, strategic focus for the future with immense learnings from its previous phases and great ambitions to redefine the next phase of entertainment in India and across the world.

Punit Goenka writes an open letter to shareholders, charts a strategic roadmap for ZEE 4.0

<ul><li>Shares of <keyword id="141413" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="Orion">Zee Entertainment Enterprises</keyword> gave 40% returns in one trading session and today the stock is up 4% as analysts turn positive on the stock.</li><li>Analysts believe resignations of independent directors have brought back investor confidence and triggered the stock for good.</li><li>Moreover, talks of potential takeover of the company have also added to the optimism around the company’s stock.</li></ul>After resignations of two independent directors, thousands of investors picked up <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword>’s stock, on Tuesday, including marquee investor Rakesh Jhunjhunwala. This is because resignations of independent directors brought focus back to the company's growth and an end to concerns over corporate governance. Moreover, <a href="https://www.livemint.com/companies/news/zee-entertainment-stock-surges-on-takeoverhopes-11631646395943.html">talks </a>of potential takeover of the company have also added to the optimism around the company’s stock. Post the resignations, several brokerages that were negative on the stock or had recommended a sell or reduce rating turned positive. This sudden change in the investor mindset boosted the company's stock by 40% in one trading session. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock rating </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dolat Capital </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Deen Dayal Investments </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr></tbody><tbody></tbody><tbody></tbody></table> All this, after the broadcaster’s largest shareholder Invesco, which holds 7.7% stake in the company, demanded resignation of Ashok Kurien and Manish Chokhani along with that of the managing director Punit Goenka. This was followed by a report from proxy advisory firm Institutional Investors Advisory Services (IIAS) that highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. "We have persistently highlighted in our notes of potential change in management, improvement in cash flows and traction in digital business as key re-rating triggers. With one of the key triggers getting activated we upgrade our target multiple from with the target price of ₹328 (vs. ₹204 earlier) and rating to BUY (from Reduce)," said Dolat Capital according to media reports. Zee Entertainment Enterprises may attract more investors if the concerns raised by Invesco get addressed, said Abneesh Roy of Edelweiss Securities in an interview with CNBC-TV18. However, Roy thinks Zee shares going back to ₹600 apiece currently looks difficult as volatility continues, while valuation re-rating will happen and shares will go beyond the target price of ₹343. He expects further improvement in market share for Zee next quarter onwards. Karan Taurani, senior vice president-research analyst, Elara Securities said that if the new management does come in, we do see a re-rating trigger here, which means stock price would rise. “Looking at the peer comparison in terms of growth and valuations, Zee as a company has not done that bad. The performance metrics have deteriorated in the last two and a half to three years because they would always outperform the industry growth rate but now, they are coming almost at par with the industry growth rate,” said Taurani. Analyst Jaykumar Doshi at Kotak Institutional Equities has upgraded the stock to BUY (from REDUCE). “Zee’s valuations have been constrained by governance concerns and structural risks. The market has ascribed negative value to ZEE5 due to a lack of confidence in the management. Irrespective of how this plays out, we expect a re-rating,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-stocks-that-are-into-clean-and-renewable-energy-supporting-the-climate-change-wave/slidelist/86220985.cms">5 multibagger stocks that are into clean and renewable energy supporting the climate change wave</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/long-before-mukesh-ambani-set-his-eyes-on-the-millions-of-mom-n-pop-stores-a-bunch-of-e-commerce-startups-were-preparing-the-ground-they-are-now-getting-their-due/articleshow/86220950.cms">Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due</a>

Zee Entertainment good to buy as concerns over corporate governance will be put to bed after management change, say analysts

<ul><li><keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> saw its stock price fell 3% in today's trade on a letter from <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword> demanding an extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit.</li><li>Earlier this month, Invesco and Oppenheimer Funds had also asked for the removal of <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, the chief executive and managing director of Zee Entertainment, from the company’s board.</li><li>Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported.</li></ul>Zee Entertainment Enterprises Ltd. saw its shares fall 3% to ₹309 apiece on Monday morning as its largest shareholder, US-based Invesco Fund, has reportedly insisted that the board hold its extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit. The development, reported by <a href="https://www.bloomberg.com/news/articles/2021-09-26/invesco-renews-demand-for-zee-entertainment-board-reshuffle">Bloomberg</a> on Monday, said that Invesco and Oppenheimer Funds, in a September 23 letter, renewed their demand to convene an EGM to replace the board at Zee. A similar demand was made by Invesco on September 11. “A newly constituted board supported with the strength of independence will be best suited to evaluate and oversee the potential for strategic transactions,” according to the Sept. 23 letter from Aroon Balani, vice president of Invesco, as cited by Bloomberg. Earlier this month, the funds had also asked for the removal of Punit Goenka, the chief executive and managing director of Zee Entertainment, from the company’s board, citing issues with corporate governance at the firm. The letter also demanded removal of independent directors, Ashok Kurien and Manish Chokhani, who later resigned from the board. Despite Invesco’s letter, Zee went ahead and announced the company’s merger with Sony Pictures Networks India on September 22. Based on disclosures filed with exchanges, Sony will hold a majority stake of 52.93% in the merged entity and infuse growth capital of about $1.6 billion once the deal closes. Zee shareholders, post the deal, will hold the balance 47.07% in the merged entity. Since the deal announcement on September 22, the stock has fallen as much as 8% to ₹309 on Monday. <div type="image" title="zee ent." msid="86547179" hostid="261"></div> As part of the transaction, Goenka will continue to be the managing Director and chief executive of the company, it said. Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Tesla's 'Full Self Driving' Beta programme request button goes live</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Those who have held these stocks for a decade have only lost money</a>

Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

<ul><li>ZEEL has launched a new Music Channel called <keyword id="9936704" type="PERSON" weightage="20" keywordseo="zee-vajwa">Zee Vajwa</keyword>. </li><li>Zee Vajwa, Kshann Gaajwa is its tagline.</li></ul><keyword id="141413" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises">Zee Entertainment Enterprises</keyword> Limited (ZEEL) has announced its entry into the <keyword id="9936703" type="UNKNOWN" weightage="20" keywordseo="regional-music-space">regional music space</keyword> with the launch of its <keyword id="9936705" type="UNKNOWN" weightage="20" keywordseo="marathi-music-channel">Marathi music channel</keyword> – Zee Vajwa. The network has already captured 57% viewership share in Maharashtra with Zee Marathi, Zee Yuva and Zee Talkies. It will offer 3000+ playlists and a music++ experience for the viewer with many category firsts that amplify moments &amp; create various mahauls through the day. Speaking on the launch, Ashish Sehgal, Chief Growth Officer, ZEEL said, “As an organization, we have gained in both viewership &amp; revenue due to our diverse portfolio across markets. And, believe in constantly strengthening our product portfolio keeping the customer at the centre thereby adding value to all our stakeholders. Our dominant position across markets echoes our customer-centricity. Our growing viewership and revenue share in Maharashtra is a reflection of our successful journey so far. Our objective has always been to provide holistic surround to our consumer/customer &amp; in Maharashtra, with Zee Vajwa, we see an opportunity for us to not only strengthen our Music cluster but further gain viewership/revenue shares as well. We are excited to dial up the impact for advertisers this festive period.” Commenting on the much-awaited launch of its first regional music channel, <keyword id="3387826" type="COMPANY" weightage="20" keywordseo="Prathyusha-Agarwal">Prathyusha Agarwal</keyword>, Chief Consumer Officer, ZEEL said, “We win hearts across many Bharats by creating content brands that are deeply rooted in culture. All 4 regional channels that we launched last year broke into the top 3 in their respective categories within their launch month, with Zee Biskope rising to no. 1, and Zee Picchar &amp; Zee Punjabi in the top 2*. We are the undisputed leader in Maharashtra with our GEC and movie channels and the launch of Zee Vajwa will be a celebration of our intrinsic bond with every Maharashtrian family, through music. Music on TV is perceived to play a passive background role in the consumer’s life. But in a country like India, a song becomes a chartbuster when it becomes an integral part of a celebration – such as Ganpati Visarjan, sangeet ceremony, etc. Music becomes an active way to enjoy, express and celebrate, creating an amplified mahaul (ambience). This externalized and shared culture of music is at the core of Zee’s music channel positioning. With Zee Vajwa we promise to dial up every moment for our viewers with a music++ experience, so that they live life to the fullest.” Vishnu Shankar, Business Cluster Head, &amp;TV and Music cluster, ZEEL said, “We are extremely pleased to announce the launch of our first regional music channel, Zee Vajwa. Besides strengthening our regional portfolio, it is a great opportunity for us at ZEEL to offer content that connects so deeply with our consumers. Music has always been deeply ingrained in our Indian way of life and its traditions. To be able to offer a platform which allows our viewers to enjoy and connect over music that resonates with their specific culture and values, is deeply gratifying.” ZEE Vajwa promises an immersive visual experience never seen before in the regional music category with a design world inspired by the ‘volume dial’ that aptly brings alive our promise of ‘amplifying every moment’. Each element of the design – colors, characters, music symbols and our sonic identity have been created to ensure a deep-seeded connect with the youth while being culturally relevant. The channel will have a stellar programming line-up which will include 3000+ music playlists created with a strong library of songs. One of the key differentiators would be experiential music slots with several category firsts which will truly amplify the moment for the audiences. The Marathi viewer is extremely proud of their culture and the channel will celebrate it by giving the youth a platform to voice their opinions and be heard. A category first, Zee Vajwa will also have a non-fiction show in the comedy genre. The logo of Zee Vajwa was unveiled by Marathi film industry stalwarts -- <keyword id="1493322" type="PERSON" weightage="20" keywordseo="Swwapnil-Joshi">Swwapnil Joshi</keyword> &amp; Siddharth Jadhav during the prestigious Zee Chitra Gaurav Puraskar 2020. Zee Vajwa is set to launch this October.

Zee Entertainment Enterprises Limited launches Marathi Music Channel Zee Vajwa

Shares of <keyword id="51166" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment">Zee Entertainment</keyword> Enterprises have declined over 15 per cent in the past one week, over five trading sessions. At 12.13 p.m. on Tuesday, its share price was at Rs 184.10 on the BSE, lower by Rs 5.70 or 3 per cent from its previous close. The investor sentiments have further subdued on reports that group entity Siti Networks has defaulted on around Rs 400 crore loan against which Zee Entertainment has given corporate guarantee of around Rs 116 crore. In a regulatory filing last week, Siti Networks said that its default for repayment of total outstanding amount of Rs 404 crore continues for over 30 days. "The company is in discussions with its bankers for restructuring of its debt obligations," it said. Shares of Siti Networks on the BSE were trading at Re 1.10, lower by 4.35 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/gst-council-and-states-fail-to-reach-consensus-on-compensation-cess-no-dispute-we-may-have-differences-says-sitharaman/articleshow/78624857.cms">GST council and states fail to reach consensus on compensation cess — 'No dispute, we may have differences,' says Sitharaman</a> <a href="https://www.businessinsider.in/stock-market/news/banking-stocks-like-sbi-hdfc-axis-icici-and-other-share-price-in-the-stock-market-ahead-of-the-moratorium-verdict/articleshow/78633357.cms">SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium</a>

Zee Entertainment crashes 15% in a week — Siti Networks’ ₹400 crore loan default adds to its woes

<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>Two independent directors on the board of <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> Enterprises -- Ashok Kurien and Manish Chokhani have resigned on Monday.</li><li>This comes after proxy advisory firm Institutional Investors Advisory Services (IiAS) raised serious corporate governance concerns in the company by asking shareholders not to vote for re-appointing the duo on the company’s board.</li><li>Shares of the company have surged 20% as analysts feel this is a positive for the company.</li></ul>Overnight, two independent directors resigned from Zee Entertainment Enterprises’ board after the broadcaster’s largest shareholder Invesco ⁠— the foreign portfolio investor holds 7.7% stake in the company ⁠— demanded their resignation along with that of the managing director Punit Goenka. This comes after proxy advisory firm Institutional Investors Advisory Services (IIAS) highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. <div type="image" title="zee ent chart 2" height="900" width="1200" msid="86190152" hostid="261"></div> The company had, at the time, refuted the charge of a lapse in corporate governance. “Maybe they resigned because they did not expect to be reappointed with sufficient votes. And I suspect they realised they have lost the confidence of the investors,” Amit Tandon, the founder and managing director at IIAS, told Business Insider on September 14. Invesco has called for an extraordinary general meeting seeking to remove Punit Goenka, currently the MD, from the board and two independent directors. It also asked for appointment of six other nominees on the board. This happens ahead of the company’s annual general meeting today. “We believe that the board must bring in the right mix of professionals who have an understanding of the media and the digital business. Further, having the erstwhile promoters on the board may impede the directors’ ability to take hard decisions,” IIAS had reportedly said earlier. The proxy firm held the independent directors’ responsible for significant erosion in the shareholder wealth. Zee Entertainment’s share price had lost over a quarter of its value between June 15 and August 26 before it started crawling back. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-is-opening-from-today-and-closes-on-september-16/articleshow/86189006.cms">INTERVIEW: An auto parts maker for Maruti, Bajaj and Honda is betting that Indian car makers will take a leaf out of Tesla’s playbook</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/lenskart-vision-fund-will-invest-20-million-in-eye-technology-startups/articleshow/86188885.cms">Lenskart is setting aside $20 million for technologies like instant glasses, spectacles for the colourblind and other breakthrough ideas</a>

Zee Entertainment hits 33% after two independent directors resign on investor’s demand

<ul><li>Zee will offer a financial relief to over 5000 daily wage earners, working directly or indirectly for the Company.</li><li>ZEE has taken this step ensuring that the families of daily wage earners do not get impacted during the ongoing challenging phase. </li><li>ZEE has also provided an opportunity to all of its 3500 employees to offer voluntary contributions towards PM CARES Fund through an intranet portal.</li></ul><keyword id="141413" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises">ZEE Entertainment Enterprises</keyword> (ZEE) has announced that it will offer a financial relief to over 5000 daily wage earners, working directly or indirectly for the Company in its overall production ecosystem. Gauging the unprecedented impact caused to all daily wage earners due to the lockdown, ZEE has taken this step ensuring that the families of daily wage earners do not get impacted during the ongoing challenging phase. In order to further support Prime Ministers’ Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), ZEE will leverage the strength of its media network, encouraging over 1.3 billion people to contribute. Moreover, ZEE has also provided an opportunity to all of its 3500 employees to offer voluntary contributions towards PM CARES Fund through an intranet portal. The Company will match the corpus collected from the employee contribution and the collective amount will be donated to PM CARES Fund. Speaking on this announcement, <keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword>, Managing Director and Chief Executive Officer, ZEE said, “We stand committed to financially support all the daily wage earners working in our production ecosystem. We firmly believe in the extraordinary power of coming together and fighting against a situation. In these challenging times, it is extremely critical for India Inc. to come together and support the National level initiative undertaken by our Hon’ble Prime Minister, <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. Apart from the financial support, we will also contribute in creating nationwide awareness about the noble initiative. Leveraging our strong reach across the Nation and World at large, we are urging our esteemed viewers to join this movement. This is a time where the entire Nation needs to come together as One Family.” The collective strength of all consumer touchpoints of the Company, including its television channels, digital platforms and social media platforms will be leveraged to urge people across the globe to join this movement. In order to keep its consumers informed and sensitized about the safety and precautionary measures, ZEE had implemented an initiative, #BreakTheCoronaOutbreak. Under this initiative, content across 40+ channels was paused for a 30 second break throughout the day, encouraging viewers to wash their hands. In line with the decision undertaken by <keyword id="384988" type="COMPANY" weightage="20" keywordseo="Indian-Broadcasting-Foundation">Indian Broadcasting Foundation</keyword> (IBF), television channel Zee Anmol was also made available free of cost to all viewers across all DTH platforms and cable TV networks for a period of two months. On the Company’s digital side, <keyword id="6245082" type="UNKNOWN" weightage="20" keywordseo="ZEE5">ZEE5</keyword> ensured that the internet bandwidth across the Country was optimized by replacing High Definition (HD) content to Standard Definition (SD) content. ZEE5 also ensured that the viewers remained calm and composed during the lockdown phase with its #BeCalmBeEntertained initiative.

ZEE Entertainment Enterprises to offer financial relief to over 5,000 daily wage earners

<ul><li>Rahul Johri has been appointed as President – Business, South Asia and will be responsible for leading the integrated Revenue and Monetization team.</li><li>Rahul was associated with the Board of Control for Cricket in India (BCCI) as its first CEO for over four years.</li><li>This restructuring process, implemented in line with ‘ZEE 4.0 Strategy’, will setup the Company for the emerging opportunities. </li></ul><keyword id="381258" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd-">Zee Entertainment Enterprises Ltd.</keyword> (ZEE), a leading global content company, announced a strategic restructuring of the organization in line with its ‘ZEE 4.0 Strategy’. In order to capture the emerging opportunities resulting from the explosive growth in content consumption across genres in India and South Asia, and to generate enhanced value in an ecosystem which is witnessing a paradigm shift towards content personalization, integrated advertising solutions and convergence of platforms, the Company has announced the following strategic steps: <ul><li>Aggregating Content Creation: Creating extraordinary entertainment content has always been the key area of focus for the Company. In order to build viewer stickiness, the Company has been sharply focusing on enhancing viewer intimacy, capturing &amp; embedding socio- cultural insights and the finer nuances of the local languages &amp; customs in its content creation process. Customer centricity has been the key to the Company’s success in delivering rich, meaningful and engaging content. A ‘Content First, Cluster Centric’ framework, is enabling ZEE to take the content creation process, closer to its viewers. This approach aims at leveraging the Company’s strengths in regional clusters, improving content production efficiencies, enhancing consumer insights and most above, delivering better and more cost-effective content across platforms. Hence the Company has formed an integrated content team, responsible of creating and serving content to its viewers across linear &amp; digital platforms.</li><li>Streamlining International Business: The Company has been entertaining viewers in over 190 countries across five clusters viz. APAC; MENA; Africa; Europe and North America. With its rich experience garnered across the globe, the Company has developed a deep level of understanding of each market. The Linear (Advt./Distribution) and Digital (AVOD/SVOD) teams in the international markets will be integrated into a single team, led by the market revenue leader who will be responsible for maximizing the revenues across all formats (Linear/Digital) and revenue streams. The integration will also enable each international cluster leader to craft a local-market aligned approach. With this integrated approach, the Company aims to maximize revenue and drive content monetization, by optimally capitalizing the opportunities presented in the international markets.</li><li>Integrating Digital Assets: The Company has been substantively investing in building its digital ecosystem, given its strategic importance for future growth. While TV continues to grow in the country, digital viewership is growing at a frenetic pace, with large number of viewers adding digital to their existing formats of content consumption. In order to drive greater synergies across technology, data and talent, which are the three critical determinants of success in the digital ecosystem, the Company will be bringing together all of its digital assets under a single umbrella, which includes ZEE5 (Domestic AVOD+SVOD), ZEE5 Global, SugarBox and Digital Publishing.</li><li>Movies Business: The Company will be combining the different parts of its movies business which are currently embedded in multiple domains, into a single integrated platform. This team will be responsible for both aspects of the value chain - movie purchase/production as well as monetization, across all markets (Domestic &amp; International). Driving better line of sight through an integrated approach, this revised framework will substantially enhance the effectiveness of the Company’s movies business.</li><li>Music Business: The Company’s music business has gained substantial traction and it will continue to invest and grow this business to achieve market leadership.</li><li>Integrated Revenue &amp; Monetization team: The Company will be creating an Integrated Revenue &amp; Monetization team, combining all the existing B2B revenue generating teams (Linear Advt. Sales, Digital Advt. Sales, Distribution and B2B SVOD Partnerships) into a unified ecosystem. With this revised framework, the Company aims to drive a more synergized monetization engine that will deliver enhanced solutions to its clients, improve wallet monetization, extend coverage to small and medium enterprises (SMEs) and increase subscriber penetration across linear and digital formats.</li></ul>Subsequent to this restructuring the Company will realign its leaders as detailed below: <ul><li>Punit Misra will take over as President - Content &amp; International Markets</li><li>Amit Goenka will take over as the President - Digital Businesses &amp; Platforms</li><li>Tarun Katial who is leading ZEE5 India business will continue to report into Mr. Amit Goenka</li><li>Shariq Patel will be responsible for the integrated Movies business and Mr. Anurag Bedi will continue to drive the Music business.</li><li>Rahul Johri has been appointed as President – Business, South Asia and will be responsible for leading the integrated Revenue and Monetization team.</li></ul>Rahul was associated with the Board of Control for Cricket in India (BCCI) as its first CEO for over four years, being the driving force in powering the improvement in monetization of assets including the IPL and the BCCI Media rights. Prior to BCCI, Rahul was associated with Discovery Networks Asia Pacific for 15 years where he successfully led the turnaround of the Company, working across all aspects of the value chain, launching multiple new networks, revenue generation, affiliate partnerships, viewership growth, programming, productions, operations, government relations and managing the Sony Affiliate Joint Venture - The One Alliance. Punit Misra, Amit Goenka, Shariq Patel, Anurag Bedi and Rahul Johri will report to the Managing Director &amp; Chief Executive Officer of the Company. The new structure is effective immediately. Speaking on these strategic restructuring announcements, Punit Goenka, MD &amp; CEO, ZEE Entertainment Enterprises Ltd. said, “ZEE 4.0 will be an integrated and synergized organization, with a sharp focus on delivering world class entertainment content to our consumers across the world and enhanced value to our partners across the ecosystem. As I had expressed in my Open Letter, our endeavor will be to build a process-oriented structure for the future and our integrated approach is a strong step in this direction. ‘Gusto’ is an extremely important pillar of the new version of the Company and as an ‘Academy of Talent’, ZEE will continue to nurture and build leaders for the Company and the Industry at large. I am delighted to have Rahul Johri join us to lead the Revenue &amp; Monetization team and I am equally glad to have a strong business leadership team comprising of Amit Goenka, Punit Misra, Shariq Patel and Anurag Bedi, leading their respective functions. I am most certain that the collective experience and expertise of the leadership team, will help us immensely in achieving our set goals for the future. I wish the teams all the very best and I look forward to working with them very closely, to realize the vision chalked out for the all new version of ZEE.” This restructuring process, implemented in line with ‘ZEE 4.0 Strategy’, will setup the Company for the emerging opportunities. In this new version of the Company, its focus will be on reinventing the existing business models, maximizing its core, expanding into adjacent spaces and exploring new areas of business. In its version 4.0, ZEE is taking all the required steps in order to transform into the largest &amp; most profitable media &amp; entertainment company in South Asia.

ZEE Entertainment restructures organisation; ropes in Rahul Johari as President - Business, South Asia

New Delhi, Dec 22 () Zee Entertainment on Sunday clarified that all its television channels in Tamil Nadu are fully operational across leading cable and DTH operators.
 No changes have been made in the consumer price (MRP) of the individual channels or channel packs whatsoever, Zee Entertainment Enterprises Ltd (ZEEL) said in a statement.
 "The viewers have expressed their disappointment for not being able to view their favourite ZEE Channels, despite having paid for the same. Zee Entertainment Enterprises Ltd (ZEEL) wishes to clarify that all of its television channels in Tamil Nadu are fully operational across leading cable and DTH operators, including Tamil Nadu Arasu Cable TV Corporation Ltd, SCV and V K Digital," it said.
 The channels are also available across all leading DTH operators viz. Airtel Digital TV, Tata Sky, Dish TV, d2h, and Sun Direct, it said adding there has been no change in the consumer price (MRP) of the individual channels or channel packs whatsoever.
 Zee Prime Tamil SD pack, competitively priced at Rs 10 only, is the best value pack in Tamil Nadu market, when compared to other similar bouquets available in the same market.
 ZEEL has issued all the required communications to its esteemed viewers informing and urging them to approach their respective cable operators with a request to reactivate the channels, for which they have already paid Rs 10, as part of their monthly subscription, it said.
 "This communication is purely issued in the interest of all our viewers, since ZEEL has received several complaints and requests through emails and social media platforms, wherein the consumers have mentioned that their cable operators have removed the ZEE Bouquet from their channel packs, without any communication or reason," the statement said. ABI MKJ

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