ITV

Category: GECs

  • ZEE Entertainment to sell up to 11% promoters’ stake to Invesco Oppenheimer Fund for Rs 4,224 crore

    ZEE Entertainment to sell up to 11% promoters’ stake to Invesco Oppenheimer Fund for Rs 4,224 crore

    MUMBAI: Essel Group, on Wednesday, announced that Invesco Oppenheimer Developing Markets Fund has agreed to make an additional investment in ZEE Entertainment Enterprises Ltd. (ZEEL). Oppenheimer Fund has agreed to buy up to an 11% stake in ZEEL from its promoters, for a total consideration value of up to Rs. 4,224 Crore.

    Essel Group had initiated the process of divesting its key assets, with an aim to repay all the lenders by September 2019. During this divestment process, the Group has received positive response from multiple partners expressing interest to buy the stake in ZEEL and the other key Non Media Assets.

    Speaking on this development, ZEEL MD and CEO Punit Goenka said “I’m extremely glad to share that the Fund as a Financial Investor has further reposed its faith in ZEEL. It also gives me immense pleasure to note their strong belief and trust in the intrinsic value of our precious asset. It is the valuable belief and support of our esteemed financial investors that enables us to consistently generate great value, year after year”.

    The announcement of 11% stake sale of ZEEL to Oppenheimer Fund is a strong step in the overall divestment process, giving the promoters the required financial fillip to initiate the repayment process.

    The Invesco Oppenheimer Developing Markets Fund, which is an investment company registered with the US Securities & Exchange Commission, has a long history of investing in India as a financial investor. It has been a financial investor in Zee Entertainment Enterprises Ltd. since 2002.

    Along with ZEEL, Essel Group is also in the process of divesting some of its Non-Media Assets. Essel Group is confident to complete the overall process of repayment, well within the agreed timeline.

  • New tariff order helped ZEEL’s strong domestic subscription revenue growth in Q1 FY20

    New tariff order helped ZEEL’s strong domestic subscription revenue growth in Q1 FY20

    MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) experienced strong growth in domestic subscription revenue in the first quarter of FY 2020 where the new tariff order played an important role. The leading broadcaster has guided for domestic subscription revenue for the overall year to grow in mid-twenties.

    “The implementation of the new tariff order has allowed us to price our channels in line with their popularity, thereby leading to a sharp improvement in monetisation. Additionally, uniformity in pricing across platforms and increased transparency have led to a step jump in this quarter’s subscription revenue growth,” ZEEL MD and CEO Punit Goenka said in an earnings call after Q1 results.

    The broadcaster also witnessed sharp growth in subscription revenue in the southern market too. Apart from the digitisation of the Tamil market, the new tariff order also played an important role here.

    Goenka, talking about the growth in the Southern market, mentioned that either ZEEL channels were free in certain markets or their pricing was not proportionate with their viewership share while the new pricing regime gave them the opportunity to re-price content.  He pointed out that the tariff has been frozen since the last 16 years and no price change was done since then for any of the channels after launch.

    “Despite having built significant viewership over the last several years, our channels were really not priced in line with their popularity. Under the old tariff order, it would have been a long journey but the new tariff order gave us a chance to reset this pricing. So, that has allowed us to significantly improve our monetisation,” ZEEL corporate strategy and investor relations head Bijal Shah commented on the overall subscription growth.

    “And on top of this, in this tariff order, discrimination between the platforms is not possible, which has also led to an improvement in subscription revenue growth. So, this is much more on expected lines. In fact, for the last 2-2.5 years, we have been guiding that tariff order will allow us to properly monetise the viewership which we have, and we are seeing that evolving the way we had envisaged,” he added.

    However, the broadcaster did not outline any clear guidance in terms of advertising growth but Goenka did mention that ZEEL would beat the industry growth.

    Goenka said this fiscal year also will not be very high on free cash flow generation despite slight improvement. But next year onwards, there will be a lot more cash conversion from the company’s bottom-line to cash with an actual ramp-up in free cash flows.

    “It is the first quarter right now, so a bit difficult to give you an exact amount, but total working capital investment in FY20 will be in the range of Rs 500-700 crore, that is the kind of increase we will see in total in working capital in full year FY20. It could be closer to the lower-end of the range but we just want to keep some buffer for ourselves right now,” Shah noted.

  • Colors assembles 1000 workers for the set of ‘Ram Siya Ke Luv Kush’

    Colors assembles 1000 workers for the set of ‘Ram Siya Ke Luv Kush’

    MUMBAI: A team of 1000 workers have been employed to create the set of COLORS’ upcoming mythology show Ram Siya Ke Luv Kush. The show is set to go on-air on 5 August at 8.30 pm.

    Boasting of its uncustomary designs and intricacy the set is one of the composites set up of Indian television in today's time.  A team of more than 1000 skilled workers have been employed to bring alive the story of Ramayana through the sets.  The team has been doubling hours and working day and night to beautifully blend India’s rich mytho and the creative imagination of the team.

    Commenting on the grandeur of the set, Siddharth Kumar Tewary said, “The set of the show is the result of a lot of effort and deep thinking. We were challenged and more excited to create the different worlds of the Ramayana. We had to create the Ayodhya palace, the ashram and the forest where Luv and Kush grew up. Everything was very well thought through to bring things alive the pages of Ramayan in the most creative way.”

    Nothing seems to stop the hardworking force not even the heavy showers that posed to be the biggest challenge in this weather. It truly takes an army of skillful people and the imagination of a team to bring to life, history's greatest story. 

  • ZEEL reports 13.3% YoY growth in total revenue for Q1 FY20

    ZEEL reports 13.3% YoY growth in total revenue for Q1 FY20

    MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) has reported 13.3 per cent YoY growth in total revenue at Rs 20,081 million. The company mentioned domestic broadcast and digital business as the growth driver for strong performance.

    Its advertising revenue also witnessed 3.6 per cent YoY growth. In Q1 FY 20, the advertising revenue was at Rs 11,867 million. Domestic advertising revenue grew by 4.2 per cent YoY to Rs 11,322 million. International advertising revenue for the quarter was Rs 545 million.

    In Q1 FY20 the subscription revenue was Rs 7,088 million, marking a 36.7 per cent growth YoY. Domestic subscription revenue grew by 46.7 per cent YoY to Rs 6,240 million. International subscription revenue was Rs 848 million.

    Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 16.6 per cent to Rs 6,598 million with an EBITDA margin of32.9 per cent. PAT for the first quarter was Rs 5,306 million.

    ZEEL managing director and CEO Punit Goenka commented, "We delivered another quarter of strong performance despite the operational challenges faced by the industry due to the implementation of TRAI tariff order. We have witnessed a strong uptake of our channels across markets which is reflected in the 47 per cent growth of our domestic subscription revenues. It validates our standing as the #1 entertainment network of the country, built on the foundation of strong position in each of the markets we operate in. We are confident that the new tariff regime is going to be beneficial for all the stakeholders and will greatly improve the consumer experience.”

    Goenka further stated, “Domestic advertising growth of 4.2 per cent Yo Y is considerably lower than the growth in past quarters. This is primarily on account of the decision to convert our two leading FTA channels to pay, which significantly impacted the ad growth for the quarter. Additionally, the implementation of the new tariff order in the previous quarter negatively impacted reach and viewership of most entertainment channels, leading to a temporary shift in some of the ad spends from entertainment to sports. We believe that the underlying demand for advertising still remains strong and we are confident that spends would come back as the tariff order settles down and the festive season kicks in.”

    “Zee TV was the #2 channel in the pay Hindi GEC segment, led by leadership in the core weekday primetime viewership band. The channel's viewership experienced temporary weakness during the movement to the new tariff regime but saw an improvement towards the end of the quarter. Our strong movie library helped further consolidate our # 1 position in the pay Hindi movie genre,” informed Goenka.

    The company’s regional portfolio continued to gain traction across markets during the quarter. It has maintained leadership position in the Marathi, BangIa and Kannada markets. Zee Tamil continued to increase its market share on the back of strong performance of fiction shows. “We are confident that with our consumer-centric approach and insight driven creative output, we will continue to build market share,” said Goenka.

    Goenka also informed, “Zee Telugu and Zee Sarthak were the #2 channels during the quarter. Our youngest regional channel, Zee Keralam, continued to gain share in the Malayalam market led by performance of the fiction shows. Our portfolio of regional movie channels – Zee Talkies, Zee Bangla Cinema and Zee Cinemalu continued to perform strongly.”

  • Punit Goenka on Zee Entertainment stake sale: Have one binding offer, awaiting another

    Punit Goenka on Zee Entertainment stake sale: Have one binding offer, awaiting another

    MUMBAI: With speculation rife over the stake sale of Zee Entertainment Enterprises Limited (ZEEL), MD and CEO Punit Goenka on Tuesday suggested that the company was inching closer to ink the high-profile deal.

    Goenka revealed that the media and entertainment conglomerate now has one binding offer with them, and expects another one to come in the next few days. Goenka had earlier stated that the stake sale would be completed by July .

    “I accept that we have received two non-binding term sheets. Out of that we now have one binding offer with us, we are expecting to receive another binding offer over the next few days. Once both the offers are on the table the family will evaluate and take a decision,” Goenka said during an earnings call after the Q1 result for FY20.

    ZEEL reported 13.3 per cent year-on-year growth, with total revenue standing at Rs. 20,081 million. The company highlighted domestic broadcast and digital business as growth driver for the strong performance.

    ZEEL’s advertising revenue also witnessed a 3.6 per cent year-on-year growth. In Q1 FY20, the advertising revenue was at Rs. 11,867 million. While domestic advertising revenue grew by 4.2 per cent year-on-year to Rs. 11,322 million, international advertising revenue for the quarter was Rs. 545 million.

    Goenka, however, did not reveal any information about the nature of the deal. He also added that it is now a matter of days before ZEEL makes a formal announcement on the stake sale.

    Goenka also clarified that ZEE Media cannot be part of any stake sale process because of the FDI norms that exist in that sector.

    “On the offer on stake sale, I am expecting the second offer to come in a matter of days. If that offer was not to come in, then we will be of course going with the binding offer that we already obtained. But I am quite hopeful that the second offer will also come in,” he commented on the timeline of the second binding offer.

    In November last year, ZEEL had revealed the decision of its promoters to sell up to 50 per cent of their equity in the company to a strategic partner.

    The objective of the stake sale was to transform Zee into a global media tech player. In the last few months, a slew of big companies have rumoured to have shown an interest in picking up a stake in one of India’s most iconic companies.

  • EPIC Channel signs Meiyang Chang to host it’s new quiz show format

    EPIC Channel signs Meiyang Chang to host it’s new quiz show format

    MUMBAI: Having established itself as one of India’s most innovative infotainment players, EPIC Channel – India Ka Apna Infotainment is all set for an addition in its already diverse bouquet of shows. The channel will soon be launching a quiz show titled ‘EPIC INDIA QUIZ CHALLENGE’ and has roped in the ever-affable Meiyang Chang, popular Bollywood singer and actor to host the show.

    The ‘EPIC INDIA QUIZ CHALLENGE’ is an engaging show designed for intelligent young minds from Class 5th to 10th, from different schools across the country. The show is a quiz competition where teams from schools across India will fight for the crown of having the highest ‘IQ’ i.e. India Quotient.  

    Meiyang Chang has enthralled audiences with his quick wit and charm on the big and small screen as a singer, actor and an anchor. The channel has roped in Chang owing to his uninhibited and likable persona which will be required to create a fun, easy going atmosphere for participant kids as they battle wits on the show.

    On the announcement, an excited Meiyang Chang, said “I am thrilled to be a part of ‘EPIC India Quiz Challenge’. I love anchoring and shooting with kids, it’s great fun. This show is a great initiative and a fun platform provided by EPIC where kids can test their knowledge about their country, and at the same time learn more about its fascinating history and culture.”

    Speaking about the new show, Akul Tripathi, Head – Content and Programming, EPIC Channel said, “EPIC India Quiz Challenge is a one-of-a-kind quiz show that takes forward the channel’s strategy of exploring and discovering India through programming that is engaging and innovative in premise and execution. We are excited to have Meiyang Chang join the EPIC Channel family – he is a very warm person and will be an incredible host for the show.”

    Vipul D Shah, Founding Chairman & MD, Optimystix Entertainment India added, "Optimystix is excited to be working with EPIC Channel on a Quiz show that will be focused towards the young children knowing the Country, India, Epic India Quiz Challenge, will be the first of its kind quiz show"

    EPIC India Quiz Challenge is produced by Optimystix Entertainment India Pvt Ltd and is scheduled to go on floor in September 2019.

  • Viacom18 notches up the fight against counterfeit merchandise

    Viacom18 notches up the fight against counterfeit merchandise

    MUMBAI: In its endeavour to fight counterfeit products and illegal usage of Intellectual Property (IP), Viacom18 Media Pvt. Ltd. joined hands with Economic Offence Wing of Mumbai Police to conduct raids on businesses trading in counterfeit products of its popular kids brand Peppa Pig. The raids conducted at Choice Gifts in Abdul Rahman Street and Rolex Novelty at Princess Street in Mumbai collectively seized a sizeable amount of counterfeit merchandise.

    Anil Lale, General Counsel, Viacom18 said: “The Govt. of India has taken up the issue of piracy and illegal usage of IP significantly over the past few years and we are proud to have worked with public agencies such as Department of Industrial Policy and Promotion, Maharashtra Cyber Crime Cell and Mumbai Police’s EOW to amp up these efforts. It is important to acknowledge that sale and purchase of counterfeit products are as serious offences as piracy since it takes away from the brand’s loyalty and diminishes its value for the creator.” He further added, “As rightful exclusive licensees, we feel its our duty to the customer – which in this case are young children, to safeguard their interest against fake products.”

    Tim Pfeiffer, SVP Business Affairs, Family & Brands, Entertainment One, said: “eOne believes in taking vibrant brands from screens to stores and it is very encouraging to see our international partners and authorities undertake efforts that ensure only real products reach our young audience. Counterfeit merchandise is not only against the licensor’s interest but also has a colossal impact on safety and health of the user due to absence of quality standards.”

    The Economic Offenses Wing of Mumbai Police has been at the forefront of a rigorous fight against counterfeit products. Over the course of last year alone they have been able to seize surreptitious businesses that trade in counterfeit products, severely denting the illegal counterfeit merchandizing business.

  • Discovery India announces new organisational structure

    Discovery India announces new organisational structure

    MUMBAI: Discovery Communications India has made organizational changes which will help intensify focus in key strategic areas. The erstwhile division of roles basis mass and premium networks has been done away with; the new structure has distinct verticals for content development and marketing to drive deeper focus and offer greater leverage across the 13 network channels. A dedicated vertical for digital has also been created.

    The company announced that Issac John will take on the role of Business Head for Digital with singular focus to build a strong D2C presence via Digital Product offerings. Sai Abishek will lead the content vertical for factual & lifestyle entertainment while Vednarayan Sirdeshpande will take over Marketing portfolio for the network including factual, lifestyle & kids as well as trade.|

    Speaking on the occasion, Discovery Communications India Managing Director – South Asia Megha Tata said, “We have made select changes in our org structure in light of the opportunities available in the evolving media landscape. The sharper focus on functional areas will help us become more potent, more agile.”

    Discovery Communications India’s leadership team led by Megha Tata includes: –

    Vijay Rajput, Sr Vice President – Affiliate Sales & Product Distribution
    Vikram Tanna, VP, Head of Advertising Sales and Business Head of Regional Clusters
    Ruchir Jain, Senior Director – Finance
    Gaurav Garg, Senior Director – Consumer Insights and Research
    Issac John, Director- Digital Business
    Uttam Pal Singh, Channel Head – Discovery Kids
    Sai Abishek, Director, Content- Factual & Lifestyle Entertainment
    Vednarayan Sirdeshpande, Director-Marketing 
    Ruchi Kuthiala, Director – Director- People & Culture
    Mansha Shukla, Director – Legal Affairs
    Sameer Bajaj, Director – Corporate Communications & External Affairs
    Praveen Chaudhary, Associate Director – Strategy

  • Star India extends partner health insurance cover, parental leave benefits to LGBT+ employees

    Star India extends partner health insurance cover, parental leave benefits to LGBT+ employees

    MUMBAI: Celebrating diversity and inclusion is at the core of Star India’s vision, mission and values. The company’s on-going focus on creating a truly inclusive culture where all individuals can bring their authentic selves to work reaches an important milestone this July.

    Effective July 1, Star India will extend health insurance cover to the partners of LGBT+ employees. All existing employee benefits around Maternity and Paternity, IVF, Surrogacy and Adoption is applicable to the LGBT+ employees. 

    Amita Maheshwari, Head of Human Resources, APAC, DTCI, The Walt Disney Company, said, “At Star, we believe that our people are happiest when they can bring their authentic self to work. Since our inception, diversity and inclusion have been our biggest strengths. It helps us build enduring characters, rich stories and imagine more possibilities… We respect each individual’s diverse perspectives to foster a truly inclusive culture.”

    Star India has always been progressively cutting-edge and ahead of the curve on its employee benefits. Star was one of the first organizations to offer ‘6+6 months’ maternity leave program, 4 weeks of paternity leave, and a flexible leave policy that allows its employees to take as many days of paid leave as they need – recognizing the individual’s desire for flexibility.

  • Sony Pictures Networks India inaugurates the 24th Community Water Centre in Maharashtra

    Sony Pictures Networks India inaugurates the 24th Community Water Centre in Maharashtra

    MUMBAI: Taking a step further towards building a better society, Sony Pictures Networks India (SPN) inaugurated its 24thCommunity WaterCentre at Koliwali village in Bhiwandi Taluka. This initiative is in partnership with Naandi Foundation, under the environment pillar of SPN’s CSR programme. 

    The Community Water Centre at Koliwali village,will provide access to clean drinking water to at least 3000 individuals in the village that houses750 families. To support the cause and to educate the habitants of Koliwali village, prominent actors from the network’s Marathi channel – Sony Marathi, Harshad Atkari and Mayuri Wagh along with Sony Pictures Networks’ Head CSR, Rajkumar Bidawatka, local authorities from the Gram Panchayat and senior members from Naandi Foundation were present at the inauguration.  

    SPN has always aimed at empowering communities and working towards building a better society. With this milestone, SPN in partnership with Naandi Foundation has been able to provide access to clean drinking water to 1.5 lakh individuals in Kolhapur, Sangli and Thane districts of Maharashtra. This initiative is one of the many steps taken by the network to support the creation of a sustainable environment.  SPN is committed to co-creating India’s social development agenda through its focus on various areas of social impact.