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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

<ul class="summary-list"><li>Elon Musk says a leaderboard of "dumb" government spending will expose waste — and he wants your two cents.</li><li>Experts say the board "gamifies" the conversation — and it's likely going to get a lot of attention.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> wants to gamify the act of slashing government spending — and experts said it's a savvy strategy to get people to pay attention to a dry subject.The Tesla CEO said this week that he plans to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">post a public "leaderboard</a> for the most insanely dumb spending of your tax dollars.""This will be both extremely tragic and extremely entertaining," Musk posted, along with a promise to let the public weigh in on specific potential cuts.Musk would create the leaderboard as part of a new position in President-elect Donald Trump's administration: head of a new "Department of Government Efficiency," or <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">DOGE, which would be charged with cutting federal spending</a>.Musk said all the activities of DOGE — which he will lead alongside <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2">businessman Vivek Ramaswamy</a>, and which is named after a Musk-linked cryptocurrency — would be published online in the name of transparency.While the effectiveness of Musk's leaderboard remains to be seen, experts told Business Insider that it revealed his marketing savvy — even if it could also encourage "gotcha" moments that need more context.The board promises entertainment, competition, and interactivity marketed to a group with skin in the game: the American public with an eye to their tax dollars.And it would turn an often wonky exercise — government budgeting — into a participatory game of winners and losers. In the process, it would also likely give Musk a valuable prize: our attention.<h2 id="ecf50696-d41c-44af-a191-d6e041165dae">A 'leaderboard' can gamify a wonky subject — and help it go viral</h2>Natalie Andreas, a communications studies professor at the University of Texas at Austin and digital strategy consultant, said Musk's leaderboard "has intriguing potential as a viral, high-impact marketing strategy."She said that, like a social media feed, the format "encourages frequent checking and sharing" and that public involvement through voting or sharing could fuel viral momentum.Ayelet Fishbach, a professor of behavioral science and marketing at the University of Chicago's Booth School of Business, said a leaderboard takes advantage of a "gamification" strategy.Such a strategy can be entertaining — which helps a prospective audience stay engaged. And an engaged audience can be more likely to pass on information to their friends and other social media contacts, disseminating a message.Or, as Musk himself said about the leaderboard: "The entertainment value will be <a target="_blank" href="https://x.com/elonmusk/status/1856524169338314838">epic</a>."<h2 id="419ad8c4-6323-4c1e-bac7-7bc5394716b5">Interactivity helps give an audience a feeling of control</h2>Musk has promised a virtual suggestion box where the public can give him tips on what to cut or protect. "Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!" he wrote. Musk and Trump's representatives didn't return a request for comment.Especially in a dry realm like government spending, Musk's plans are bound to grab eyeballs — and perhaps make people feel more invested in the outcome. And in an environment with so many distractions — social media, streaming video, text messages — attention is a valuable commodity.Andreas said the leaderboard could strengthen Musk's brand "as a bold, transparency-driven disruptor," though she also cautioned that it also would need "careful handling" to let the people and organizations targeted by the board add context.She said allowing users to vote or contribute examples of perceived waste "could drive high engagement and user-generated content, making the leaderboard both interactive and addictive."Karen North, a clinical professor of communication at the University of Southern California's Annenberg School for Communication and Journalism, said the venture also speaks to Trump's unique ability to spark an emotional investment — and sometimes encourage vilification — in American politics. North previously served in the Clinton administration's science and technology policy office.She said the leaderboard marks another example of how the president-elect turns politics "into a show.""There's nothing more boring than talking about reducing spending in government. It's worse than just doing math for the sake of math," North said.<h2 id="90bc8724-304c-43f5-b31a-17725260dea9">There are risks to the gamification strategy</h2>North said the gamification strategy comes with risks. "People will be so easily drawn into playing 'gotcha' and being outraged that they may get caught up in the outcome rather than the meaningful details," she said.But gamifying the subject makes it fun — and social media has created a "participatory society" where people feel even more involved and invested, she said.There is some precedent for Musk's leaderboard, North said, noting that former Sen. William Proxmire, a Democrat from Wisconsin, began to issue the "Golden Fleece Award" for wasteful spending throughout the 1970s and '80s via monthly press releases.North said it is often considered one of the most successful PR campaigns in government history, though she cautioned that it did lead to some unforeseen consequences: Some research that was initially ridiculed as wasteful government spending — including the <a target="_blank" href="https://www.goldengooseaward.org/01awardees/screwworms">sexual behavior of screwworms</a> — later proved critical to the US livestock industry and significantly reduced beef costs for Americans.And Amy Jo Kim, a game designer who has a doctoral degree in behavioral neuroscience and who's taught game design at Stanford, said that a leaderboard can inherently contain a point of view: Who's to determine, for instance, what's "waste" and how that's defined.It's "a storytelling device," Kim said. "It's the opposite of transparency, but it'll be seen as transparency by people that don't realize that it all comes back to who defines waste."

Elon Musk's promise of an 'epic' leaderboard of 'dumb' government spending reveals his marketing savvy

<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

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul class="summary-list"><li>US stocks dipped as traders waited for Nvidia's first-quarter earnings results. </li><li>The bar is high, as Wall Street analysts are looking for solid indicators that the AI market is booming. </li></ul>US stocks dropped on Wednesday as traders headed for <a href="https://markets.businessinsider.com/news/stocks/hedge-stock-market-risk-nvidia-q1-earnings-report-nvda-options-2024-5">Nvidia's first-quarter earnings report</a> and took in the latest Fed minutes.Major stock averages traded lower, with Nvidia shares declining by more than 1% heading into its hotly anticipated earnings call. Investors are anticipating another <a href="https://markets.businessinsider.com/news/stocks/nvidia-q1-earnings-preview-wall-street-expects-continued-ai-momentum-2024-5?utm_medium=ingest&amp;utm_source=markets">big quarter</a> for Nvidia, which has become one of the biggest beneficiaries of Wall Street's frenzy for anything related to artificial intelligence. Analysts expect the firm to report $24.6 billion in revenue and earnings per share of$5.34 for the first three months of 2024, according to Bloomberg data, more than double what it reported for both metrics last year.Nvidia's first-quarter results come at a critical moment for investors as they look for a fresh catalyst to drive the next lef of the latest stock market rally. With the company valued at over $2 trillion, NVDA shares have helped carry the market higher all year, and <a href="https://markets.businessinsider.com/stocks/nvda-stock">shares are now up 94% from levels in January</a>."It may sound overzealous, but if you get another blowout quarter from NVDA, coupled with the market's current posture of new all-time highs and no resistance to our left, we could really start to see parabolic mode again. Nvidia would certainly take the rest of the semiconductor industry with it," Ken Mahoney, the CEO of Mahoney Asset Management, said in a note this week.Investors on Wednesday also took in the minutes from the Federal Reserve's May policy meeting. Short-term inflation expectations "rose some," and recent inflation prints didn't increase central bank's confidence inflation is firmly heading in the right direction. The minutes pressured stocks heading into the closing bell, with major indexes logging a pronounced decline in late afternoon trades. Some market watchers were quick to note that the latest meeting minutes reflect the Fed's mood before the April consumer price index showed inflation easing from the prior month. "Markets could get nervous about committee members willing to entertain tighter policy but remember, the committee did not have April CPI data yet," Jeffrey Roach, the chief economist of LPL Financial, said in a note on Wednesday."Although inflation in April eased a bit, Fed officials need more confirmation that the trajectory is favorable for their two percent target. In general, the committee believes policy is restrictive and so the next move for the Fed will likely be a cut later this year," Roach added. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,307.00, down 0.27%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,671.04, down 0.51% (-201.95 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,801.54, down 0.18%</li></ul>Here's what else happened today:<ul><li><a href="https://www.businessinsider.com/citi-trader-fat-finger-flash-crash-trade-78-million-fine-2024-5">Citi was fined $78 million after a European trader's fat-finger trade</a> caused a flash crash in stocks.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-massive-upside-prediction-dow-60000-roaring-20s-yardeni-2024-5?_gl=1*md29ph*_ga*MTYzMDI3ODk2Ny4xNzE2MjEyNjkz*_ga_E21CV80ZCZ*MTcxNjM4NjQ3NC4xNS4xLjE3MTYzODgzMjguMjUuMC4w">The Dow is set to surge 50% by 2030</a> as the "roaring 20s" are alive and well for stocks, according to market veteran Ed Yardeni.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-outlook-inflation-economy-government-debt-levels-2024-5?_gl=1*9vu278*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcxNjM5ODY2NC4xLjEuMTcxNjM5ODg3OS41OC4wLjA.">Stocks are "going nowhere" for the next decade</a> as inflation is here to stay, one CIO warns.</li><li><a href="https://www.businessinsider.com/us-recession-baby-boomer-consumer-spending-downturn-retirement-hard-landing-2024-5">Baby boomers may be the economy's secret weapon for fending off a recession</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/apple-stock-outlook-ai-investing-apps-software-nvidia-new-iphone16-2024-5?_gl=1*wku1eu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcxNjM5ODY2NC4xLjEuMTcxNjM5ODc4MC41OC4wLjA.">Apple is a "hidden AI play" as its products will be central hubs for AI apps</a>, "Big Short" investor Steve Eisman says.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil slumped 1.14% to $77.76 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dropped 0.28% to $81.67 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 1.82% to $2,377.86 per ounce. </li><li>The 10-year Treasury yield ticked higher by one basis point to 4.426%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> edged slightly higher to $69,631. </li></ul>

Stock market today: Indexes slide as traders brace for market-moving Nvidia earnings

<ul class="summary-list"><li>Oasis fans are upset over Ticketmaster's "in-demand" pricing for the band's reunion tour.</li><li>Surge pricing is a trend across industries, including ridesharing, restaurants, and theaters.</li></ul>Oasis got the band back together. But a lot has changed since they last sold concert tickets.The "Wonderwall" singers announced this week they would embark on a reunion tour in the UK. It'll be the first time lead brothers Noel and Liam Gallagher will play together in over 15 years. The tour will have 17 dates in Cardiff, Manchester, Edinburgh, and Dublin starting July 4 next year.Oasis, one of the most popular bands at the end of the 20th century, offered pre-sale tickets beginning Friday and quickly stepped into a 21st-century mire: online surge pricing.Surge pricing allows companies selling products online to increase prices as market demand rises. It all happens automatically and almost instantaneously.While surge pricing is now commonplace — from trying to hail an Uber after an event <a target="_blank" href="https://www.businessinsider.com/surge-pricing-increasingly-being-used-at-restaurants-and-theaters-2023-3">to bowling alleys, restaurants, and even golf courses</a> — users of these services all hate it. Now Oasis fans do, too. They complained over the weekend that ticket prices surged on Ticketmaster after the group decided to add three more dates."That feeling when you wait in a queue for four hours only to be told the price of the ticket has risen from £148 to... £355??? Because they're 'in demand,'" Helen Barnett wrote on X. "How is this not illegal?"According to CBS, tickets for the tour are already being sold on resale websites for up to $7,800. The band issued a warning on Saturday, telling fans tickets can only be officially resold through Ticketmaster."Please note, Oasis Live '25 tickets can only be resold at face value via <a target="_blank" href="https://x.com/TicketmasterUK">@TicketmasterUK</a> and <a target="_blank" href="https://x.com/Twickets">@Twickets</a>!" the statement says. "Tickets appearing on other secondary ticketing sites are either counterfeit or will be canceled by the promoters."Ticketmaster did not immediately return a request for comment from Business Insider. The company has made no public statement about the Oasis reunion ticket prices, but its website explains that Ticketmaster does not set ticket prices."Promoters and artists set ticket prices. Prices can be either fixed or market-based. Market-based tickets are labeled as "Platinum" or "In Demand," the website says.The practice has caused no shortage of controversy in the last year. Ticket prices for Taylor Swift's billion-dollar Era's Tour also surged on the platform, reaching <a target="_blank" class="" href="https://www.businessinsider.com/how-much-taylor-swift-tickets-regret-spending-eras-ticketmaster-stubhub-2022-11">as high as $5,500 for tickets</a> that normally cost on <a target="_blank" class="" href="https://www.businessinsider.com/taylor-swift-concert-tickets-getting-more-expensive-taylor-swift-might-be-blame-2023-7">average about $254</a>. Ticket prices on the platform increased so much during the Eras Tour that the Justice Department took notice, eventually <a target="_blank" class="" href="https://www.businessinsider.com/taylor-swift-ticketmaster-fiasco-doj-lawsuit-2024-5">filing an antitrust lawsuit</a> against Ticketmaster's parent company, Live Nation Entertainment.A report from the <a target="_blank" href="http://www.economicliberties.us/wp-content/uploads/2023/06/052023_AELP_Ticketmaster_PolicyBrief.pdf">American Economic Liberties Project</a> found last year that 68 of the top 100 venues in the world are in the United States, and 53 of those arenas use Ticketmaster for ticket sales. This means that a whopping 78% of the highest-grossing arenas in the world use Ticketmaster.

Oasis reunion tour ticket prices skyrocket due to Ticketmaster's 'in-demand' market-based surge pricing

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

Baadshah of Bollywood Shah Rukh Khan debuts on India's richest list with Rs 7,300 cr — here's how the King made his wealth

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22863440" type="General" weightage="20" keywordseo="Animation-and-VFX" source="keywords">Animation and VFX</keyword> segment is expected to surge from USD 1.3 billion in 2023 to USD 2.2 billion by 2026, according to a CII GT report released on Wednesday. This will increase the share of the Animation and VFX segment India's Animation and VFX segment to reach at USD 2.2 billion by 2026: reportin the <keyword id="20018821" type="General" weightage="20" keywordseo="media-and-entertainment" source="keywords">media and entertainment</keyword> (M&amp;E) industry from 5 per cent to 6 per cent during the same period, the report added which was released by Information and Broadcasting secretary, Sanjay Jaju on Wednesday. Currently, the <keyword id="22345339" type="General" weightage="20" keywordseo="AVGC-XR" source="keywords">AVGC-XR</keyword> sector accounts for approximately 20 per cent of India's media and entertainment (M&amp;E) industry and is poised for further expansion, as per the CII GT report. AVGC-XR stands for Animation, Visual Effects, Gaming, Comics, and Extended Reality. The report further anticipated that the Indian <keyword id="20349295" type="General" weightage="20" keywordseo="online-gaming-industry" source="keywords">online gaming industry</keyword> will reach to USD 4.6 billion by 2026, with its contribution to the M&amp;E sector rising from 10 per cent to 13 per cent. Currently, the online gaming industry is valued at USD 2.62 billion, as per the report. The report underscores the sector's potential as a major employment driver. The sector is expected to create of over 160,000 new jobs annually, with a total of 20 lakh new jobs anticipated by 2030. The report calls for the swift implementation of the National Draft Policy Framework for AVGC-XR. The report further added that a push in the AVGC-XR sector could accelerate growth, paving the way for a larger, more vibrant creative economy. India's AVGC sector had an overall market size of USD 2.3 billion in 2019, which was about 0.7 per cent of the global market size. The sector is expected to grow 2.2 times over the next four years driven by market forces and constitute about 1.5 per cent of the global AVGC market as per Draft National Policy, AVGC-XR, according to the report. Further, the CII GT report advocates for enhanced Intellectual Property Rights to retain talent and content and the introduction of clear regulatory definitions within the gaming industry. The report also calls for enhanced support for AVGC-XR entrepreneurs through Start-Up India and strategic investments in the National Centre of Excellence to foster innovation and global competitiveness. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

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