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Zee Entertainment to absorb 6 Zee News channels

business Updated: Oct 29, 2009 23:19 IST
HT Correspondent

Television broadcasting and entertainment firm Zee Entertainment Enterprises Ltd (ZEEL) on Thursday announced a major corporate organisational restructuring where it would acquire its group firm Zee News Ltd’s (ZNL) regional general entertainment business (R-GEC) on a share swap deal basis.

Zee Entertainment will merge Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada and Zee Cinemalu with itself, effective January 1, 2010, it added.

For fiscal 2009, the six channels reported operating profit of Rs 79.7 crore on revenue of Rs 340 crore.

The board approved issuing four Zee Entertainment shares for every 19 Zee News shares, it said in a statement to the BSE.

“We have taken proactive measures to unlock shareholder value in Zee News Limited. This move is part of our continuing efforts to improve long-term shareholder value,” ZEEL Chairman Subhash Chandra said.

ZEEL’s board also approved the appointment of Punit Goenka as the Managing Director of the company for a period of five years from January 01, 2010. Goenka’s term as whole-time director & CEO expires on December 31, 2009.