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Zee Entertainment Enterprises

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Zee Entertainment Enterprises Limited
Company typePublic
Industry
Founded15 December 1991; 32 years ago (1991-12-15)
FounderSubhash Chandra
HeadquartersMumbai, Maharashtra,
India
Area served
Worldwide
Key people
ProductsBroadcasting, films, music, streaming, web portals
RevenueDecrease ₹2,112 crore (US$250 million) (2022)[2]
Decrease ₹−196 crore (US$−23 million) (2022)[2]
Total assetsDecrease ₹13,239 crore (US$1.6 billion) (2022)[2]
Number of employees
3,429 (2021)[2]
ParentEssel Group
Websitezee.com
Footnotes / references
[3]

Zee Entertainment Enterprises (ZEEL) (formerly Zee Telefilms) is an Indian media conglomerate. Headquartered in Mumbai, it has interests in television, print, internet, film, and businesses related to mobile content, and operates 45 channels worldwide.

History

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Independent era

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In April 1995, the company launched the premium movie channel Zee Cinema, the first channel of its sort in the country.[4][5][6] Until 1999, programming was done by Star TV.[7] In the following years Zee Cinema has also catered to international markets like South-East America, Europe, Middle East, North Africa, Pakistan, Indonesia[8] and Asia Pacific and the Rest of Africa.[citation needed] Zee Cinema (Canada) is available in Canada as a joint ventures with Ethnic Group.[6]

Zee Telefilms launched a Nickelodeon-branded programming block in 1999 as part of a distribution deal between Viacom International and Zee Telefilms. It was replaced by a new Cartoon Network block in 2002.[9][10]

In 2008, Zee Networks launched Zee Motion Pictures and Zee Limelight (now Zee Studios) for the development, production, distribution and marketing of mainstream films in Indian languages, including Hindi, Malayalam, Tamil, Telugu, Kannada, Bengali and Marathi.[11]

In 2015, Zee acquired Sarthak TV, an Odia-language pay television channel.[12]

In 2017, the company acquired the majority stake of the Reliance Broadcast Network.[13] It also planned to acquire 9X Media in October 2017 for the cost of ₹160 crore, however, the plan fell through in March 2018.[14][15] A partially-owned subsidiary, Diligent Media Corporation, is a publisher of Indian daily newspapers and websites. DMC is a joint venture between Zee and the Dainik Bhaskar Group.[16]

In 2018, Zee launched Zee Theatre, which offers a collection of recorded theatre plays also called teleplay- produced in India and internationally.[17]

Sale talks

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In February 2019, media reported that Essel Group was in talks to sell[18] their shares from the Zee Entertainment Enterprises to save them from debt.

Top Sony officials including Mike Hopkins, chairman of Sony Pictures Television,[18] and Tony Vinciquerra, chairman of Sony Pictures, had visited Subhash Chandra and his family at his residence shortly after Chandra announced his intent to sell half of the promoter holding in Zee Entertainment Enterprises to a global strategic investor.
On 2 April reports said that[19] some other promoters[20] were willing to sell their shares worth ₹332 crore.
On 3 April media reported Sony and Zee Entertainment Enterprises deal off[21] amid valuation differences which opened the door for Comcast-Atairos.

On 1 August media reports Invesco Oppenheimer Fund to buy 11% stake in Zee Entertainment.[22]

In September 2021, it was reported that Invesco Developing Markets Funds and OFI Global China Fund LLC, who jointly holds a 17.88% stake, wanted Punit Goenka (also the son of founder) to step down as MD and CEO. It was also reported that Essel Group owns a sum of 3.99% minority stake.[23]

In 2024, Zee Entertainment Enterprises partnered with Sony Pictures Entertainment.[24]

Attempted merger with Sony Pictures Networks India

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On 22 September 2021, the company announced its intent to merge with Sony Pictures Networks India.[25] Sony Pictures will hold a majority stake in the proposed merged entity, which will be headed by Zee's Punit Goenka.[26] In December 2021, the merger was approved by the two companies boards. Sony will hold a stake close to 51% in the company, with Zee controlling the remaining stake.[27]

On 10 August 2023, the National Company Law Tribunal approved the proposed Sony/Zee merger.[28]

On 18 January 2024, the anticipated $10 billion merger between Zee Entertainment Enterprises and Sony Pictures India progressed as ZEE's stock increased amid reports that CEO Punit Goenka might step down, potentially resolving a major deadlock in the merger process.[29] However, on 22 January 2024, Sony Pictures Networks India issued a notice to Zee Entertainment Enterprises effectively terminating the merger proceedings due to, among other reasons, the closing conditions to the merger not being satisfied by the given deadline of January 21.[30]

Controversies

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Dispute between promoters

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On 11 September 2021, Invesco asked Zee management to call shareholders an "extraordinary general meeting" (EGM) to consider its demands. One of the main demands was the removal of Punit Goenka, son of the Zee Network founder.[31] However Zee board rejects a demand from Invesco to convene an extraordinary general meeting.[32] Invesco Developing Market Funds Moves to National Company Law Tribunal (NCLT) and Bombay High Court seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.[33][34]

On 11 October 2021 Invesco[35] write an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. also, they implemented that they tried to merge Zee with some other Indian company in early 2021 but the Zee board rejected it.

Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue[36] but "by the events that transpired during February–April 2021 pointing Invesco purposed deal with Reliance Industries.[37]

On 21 October, Bombay High Court asks the Zee board to call EGM as demanded by shareholder Invesco, and Counsel appearing for Zee Entertainment said the company will inform the date of the EGM by the morning of October 22.[38][39]

On 22 October, Zee replied to the court that the board can't give a nod to something that will turn out to be illegal.[40] so HC postponed hearing of the Zee-Invesco matter to October 26.and on October 26 Bombay High Court has restrained Invesco from taking any action in furtherance of their requisition notice (to call an EGM).[41]

On 7 December, Invesco headed towards a resolution expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.[42]

On 22 December, Board of Zee signed definitive agreements with Sony after received approval from its board of directors[43]

Zee Music vs Sonu Nigam

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Sonu Nigam alleged that he was banned by the Zee Music Company after he tweeted in support of politician Kumar Vishwas.[44][45][46]

Owned Channels

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India

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Channel Launched Language Category SD/HD availability Notes
Zee TV 1992 Hindi General Entertainment SD+HD
&TV 2015
Zee Anmol 2013 SD
Big Magic 2011
Zee Morning 2024
Zee Cinema 1995 Movies SD+HD
Zee Classic 2005 SD
Zee Action 2006
Zee Anmol Cinema 2016
Zee Bollywood 2018
&pictures 2013 SD+HD
&xplor HD 2019
Zee Anmol Cinema 2 2024 SD Formerly Zee Ganga
Zing 2009 Youth Formerly Zee Muzic
Zee Café 2000 English General Entertainment SD+HD Formerly Zee English
&flix 2000 Movies Formerly Zee Studio
&privé HD 2017 HD only
Zee Zest 2010 Hindi, English Lifestyle SD+HD Formerly Living Foodz and Zee Khana Khazana
Zee Theatre 2018 Hindi, English, Urdu, Marathi, Gujarati TV Plays SD
Zee Bangla 1999 Bengali General Entertainment SD+HD Formerly Alpha TV Bangla
Zee Bangla Cinema 2012 Movies SD
Zee Biskope 2020 Bhojpuri
Zee Marathi 1999 Marathi General Entertainment SD+HD Formerly Alpha TV Marathi
Zee Yuva 2016 SD
Zee Talkies 2007 Movies SD+HD
Zee Chitramandir 2021 SD
Zee Sarthak 2010 Odia General Entertainment Formerly Sarthak TV
Zee Punjabi 2020 Punjabi Formerly Alpha TV Punjabi
Zee Kannada 2006 Kannada SD+HD
Zee Picchar 2020 Movies
Zee Keralam 2018 Malayalam General Entertainment
Zee Tamil 2008 Tamil
Zee Thirai 2020 Movies
Zee Telugu 2004 Telugu General Entertainment Formerly Alpha TV Telugu
Zee Cinemalu 2016 Movies

International

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Channel Launched Language Category SD/HD availability Notes
Zee World 2015 English General Entertainment SD/HD
Zee One (Africa) 2021
Zee Family 2023 Hindi
Zee Zonke 2023 IsiZulu
Zee Magic 2015 French
Zee Bioskop 2013 Indonesian
Zee Mundo 2016 Spanish Movies
Zee Alwan 2012 Arabic General Entertainment
Zee Aflam 2008 Movies
Zee Nung 2014 Thai General Entertainment
Zee Phim 2017 Vietnamese Movies

Defunct channels and networks

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India

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Channel Launched Defunct Language Category SD/HD availability Notes
Zee Next 2007 2009 Hindi General Entertainment SD
Zee Smile 2004 2014 Formerly Smile TV
9X 2007 2015 Acquired from 9X Media
Zee Jagran 2005 2015 Devotional
Zee Premier 2006 2015 Movies SD Formerly Premier Cinema
ZeeQ 2010 2017 Kids SD
Zee Muzic 1997 2009 Music Replaced with Zing TV
Zee ETC Bollywood 1999 2020 Formerly ETC and ETC Bollywood
Zee Khana Khazana 2010 2015 Lifestyle Replaced with Living Foodz
Zee Studio 2005 2018 English Movies Formerly Zee MGM and Zee Movie Zone
Zee Trendz 2003 2014 Lifestyle Formerly Trendz TV
Zee Sports 2005 2010 Sports Merged with TEN Action
Living Foodz 2015 2020 English, Hindi Lifestyle SD+HD Replaced with Zee Zest
Living Travelz 2017 2017 Knowledge SD
Zee Ganga 2013 2024 Bhojpuri General Entertainment Replaced with Zee Anmol Cinema 2
Zee Gujarati 2000 2009 Gujarati General Entertainment Formerly Alpha TV Gujarati
Zee Vajwa 2020 2022 Marathi Music
Zee ETC Punjabi 2001 2014 Punjabi General Entertainment Formerly ETC Punjabi

International

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Channel Launched Language Category SD/HD availability Notes
Zee Bollymovies 2017 English Movies SD
Zee Bollynova 2017 English General Entertainment
Zee One 2016 German General Entertainment
Zee Sine 2016 Filipino
Zee Variasi 2006 Malay Replaced by Tara HD on 19 October 2016, then replaced by Colors TV HD on 1 October 2019
Zee Hiburan 2015 Indonesian Merged into Zee Bioskop on 1 March 2017

Over The Top (OTT)

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Main article: ZEE5

In February 2016, Zee Entertainment Enterprises forayed into video-on-demand with the launch of its OTT platform OZEE.[47]

On 14 February 2018, this service rebranded as ZEE5.[48] Since its relaunch as ZEE5, it streams all content from its television network and also movies and original series. ZEE5 claimed 57 million monthly active users in December 2019.[49]

Other assets

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Publishing[50]

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  • bgr
  • Mollywood
  • cricket country
  • The health site
  • India.com
  • Sugarbox
  • Zee5X

Event management [51]

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  • Zee Live
  • Super moon, Arth, Edu care, It's A Girl Thing
  • Zee Theatre

Film distribution and music

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References

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  1. ^ Malvania, Urvi (24 August 2016). "We want to Transform into an all-round media company punit goenka". Business Standard. Archived from the original on 26 August 2016. Retrieved 22 July 2017.
  2. ^ a b c d "Zee Ent reports net loss of ₹196 cr in Q4, revenue down 9%; key highlights". 25 May 2023.
  3. ^ "Zee's FY19 earnings may aid better valuation". www.fortuneindia.com. 6 May 2019. Archived from the original on 22 May 2021. Retrieved 24 December 2020.
  4. ^ "Zee Cinema celebrates 20 years of winning hearts". Tellychakkar.com. Retrieved 18 August 2023.
  5. ^ "Zee Entertainment Enterprises History". The Economic Times. Archived from the original on 25 July 2021. Retrieved 26 February 2020.
  6. ^ a b Singh, Suhani (21 August 2017). "Entertainment Inc.: The story of Zee, one of India's first Hindi satelite [sic] channels". India Today. Archived from the original on 12 March 2018. Retrieved 26 February 2020.
  7. ^ "Star TV sells, Zee consolidates". domain-b.com. 25 September 1999. Retrieved 11 July 2012.
  8. ^ "Zee Cinema launched in Indonesia". www.Zee.com.
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  22. ^ Thomas, Tanya (31 July 2019). "Invesco Oppenheimer fund to buy 11% stake in Zee Entertainment for ₹4,224 cr". www.livemint.com. Archived from the original on 6 September 2021. Retrieved 6 September 2021.
  23. ^ "Investors want MD Punit Goenka out of Zee Entertainment Enterprises - the New Indian Express". Archived from the original on 10 October 2021. Retrieved 10 October 2021.
  24. ^ "Sony on the Hunt for Indian Partner After Zee Deal Fades". Bru Times News.
  25. ^ "Sony Pictures India to Merge With Zee Entertainment". The Hollywood Reporter. Archived from the original on 22 September 2021. Retrieved 21 September 2021.
  26. ^ "Zee Entertainment Approves In-principle Merger With Sony Pictures India". Moneycontrol. 22 September 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  27. ^ "Sony Pictures Networks, Zee Complete Merger to Create Indian TV Giant". Variety. 22 December 2021. Archived from the original on 22 December 2021. Retrieved 22 December 2021.
  28. ^ Ramachandran, Naman; Frater, Patrick (10 August 2023). "Sony-Zee TV Mega Merger in India Is Given Green Light". Variety. Archived from the original on 20 August 2023. Retrieved 7 October 2023.
  29. ^ "ZEE-Sony merger: ZEEL stock surges as Goenka on expectations Goenka may step down as CEO | Know more". News9live. 18 January 2024. Retrieved 18 January 2024.
  30. ^ Frater, Patrick; Ramachandran, Naman (22 January 2024). "Sony Calls Off $10 Billion Merger With Indian TV Giant Zee Entertainment Enterprises". Variety. Retrieved 22 January 2024.
  31. ^ "Zee Entertainment's Largest Shareholders Call EGM Seeking Removal Of Punit Goenka From Board". Moneycontrol. 13 September 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  32. ^ "Zee Says Will Not Hold EGM As Demanded By Shareholder Invesco". Moneycontrol. October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  33. ^ "Zee-Invesco NCLT Hearing: Invesco Says NCLT Must Make A Mandatory Order To Call EGM". Moneycontrol. 4 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  34. ^ Chatterjee, Sudipto Dey & Dev (4 October 2021). "Prolonged battle ahead as ZEE Entertainment takes Invesco to court". Business Standard India. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  35. ^ "Invesco Shoots Letter To Zee Shareholders, Seeks Better Governance, Says Founding Family Benefiting At The Cost Of Others". Moneycontrol. 11 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  36. ^ "Zee Hits Back At Invesco's Open Letter, Rebuts Objections On Sony Merger Deal". Moneycontrol. 13 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  37. ^ "Invesco Proposed Merger With Large Indian Group In Feb 2021, Wanted Punit Goenka To Lead: Zee". Moneycontrol. 12 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  38. ^ "Bombay HC Asks Zee To Call EGM As Demanded By Shareholder Invesco". Moneycontrol. 21 October 2021. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  39. ^ Upadhyay, Payaswini (21 October 2021). "Zee Vs Invesco: Bombay High Court Proposes To Allow EGM, But..." BloombergQuint. Archived from the original on 21 October 2021. Retrieved 21 October 2021.
  40. ^ "Zee-Invesco Row: Zee Argues Holding EGM Is Illegal, Bombay HC To Hear The Matter On October 26". Moneycontrol. 22 October 2021. Archived from the original on 23 October 2021. Retrieved 23 October 2021.
  41. ^ "Zee-Invesco Row: A Look At What Happens Next After Bombay HC Bars Invesco From Calling EGM". Moneycontrol. 26 October 2021. Archived from the original on 27 October 2021. Retrieved 27 October 2021.
  42. ^ Kar, Ayushi (5 December 2021). "Invesco to back Zee-Sony deal as long as Punit Goenka is not given PE". @businessline. Archived from the original on 7 December 2021. Retrieved 7 December 2021.
  43. ^ "Zee-Sony Merger Approved, Punit Goenka Will Be CEO Of Merged Entity". NDTV.com. 22 December 2021. Archived from the original on 23 December 2021. Retrieved 23 December 2021.
  44. ^ "ABP Live - English News, Today's Latest Breaking News in English, Online English News". Archived from the original on 1 May 2015. Retrieved 29 April 2015.
  45. ^ "News18.com: CNN News18 Latest News, Breaking News India, Current News Headlines". Ibnlive.in.com. Archived from the original on 1 May 2015. Retrieved 16 July 2017.
  46. ^ "Sonu Nigam accuses music company of announcing ban on him". India Today. 29 April 2015. Archived from the original on 9 October 2018. Retrieved 8 October 2018.
  47. ^ Pai, Vivek (26 February 2016). "Zee Digital launches online streaming platform OZEE". MediaNama. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  48. ^ Ahluwalia, Harveen (14 February 2018). "Zee Entertainment launches new video streaming platform Zee5". mint. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  49. ^ "ZEE5 maintains momentum with 56.3 mn MAU in third quarter". Indian Television Dot Com. 15 January 2019. Archived from the original on 13 September 2020. Retrieved 11 October 2021.
  50. ^ "Platforms – Digital – ZEE Entertainment Corporate Website". www.zee.com. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  51. ^ "Businesses – Live Entertainment – ZEE Entertainment Corporate Website". www.zee.com. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  52. ^ "ZEE Studios sets November 11 for the theatrical release of their next Punjabi film Fuffad Ji". EasternEye. 28 September 2021. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  53. ^ "POPUP". helpcenter.zee5.com. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
  54. ^ Joseph, Anto T. (22 January 2021). "How a cruise business landed Zee's Subhash Chandra in uncharted waters". Newslaundry. Archived from the original on 11 October 2021. Retrieved 11 October 2021.
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