Zee Entertainment to absorb 6 Zee News channels - Hindustan Times
close_game
close_game

Zee Entertainment to absorb 6 Zee News channels

Hindustan Times | By, New Delhi
Oct 29, 2009 11:19 PM IST

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.

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.

HT Image
HT Image

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.

Hindustan Times - your fastest source for breaking news! Read now.

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.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On