Mumbai, November 23, 2016 – The Board of Directors of Zee Entertainment Enterprises Limited (“ZEEL”) (BSE: 505537, NSE: ZEEL.EQ) today approved the acquisition of the General Entertainment Broadcasting Business Undertaking of Reliance Big Broadcasting Private Limited, Big Magic Limited & Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group Entities through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition (the “Proposed Transaction”).
The TV Broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels (“BIG Magic” and “BIG Ganga”) and 4 other TV licenses.
BIG Magic is a Comedy channel catering to Hindi Speaking Markets. BIG Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal. The channels are available on all major MSOs and DTH operators.
The General Entertainment TV Broadcasting business undertaking along with its assets, liabilities, licenses, trademarks etc. shall get demerged from “BIG Magic Ltd”, “Reliance Big Broadcasting Private Ltd” and “Azalia Broadcast Private Ltd” into ZEEL through a court-approved scheme.
Mr. Punit Goenka, MD & CEO, ZEEL said, “We are pleased to announce this acquisition which further adds to our expanding universe of general entertainment channels. BIG Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga, a leading Bhojpuri channel syncs with our strategy of expanding into the regional markets which offers attractive growth potential. I am confident that these two channels will make the ZEE Network channels more enriching for the audience and for the Company.”
Mr. Sam Ghosh, ED and Group CEO, Reliance Capital said, “We are happy to divest 100 per cent of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital.”
The proposed transaction remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges, Ministry of Information & Broadcasting, Hon’ble High Court at Bombay. The transaction is expected to close in the second half of CY2017.
Acquisory Consulting LLP and KPMG are acting as financial / tax advisors to ZEEL and the fairness opinion has been provided by IDBI Capital Markets. Luthra & Luthra Law Offices is acting as the legal advisor. EY and Phoenix Legal are acting as financial and legal advisors to Reliance Broadcast Network Limited respectively.
——————————————ENDS——————————————
Notes to Editors:
About Zee Entertainment Enterprises Limited (ZEEL) – @ZEECorporate
Zee Entertainment Enterprises Limited is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world, with an extensive library housing over 222,000 hours of television content. With rights to more than 3,818 movie titles from foremost studios and of iconic film stars, ZEE houses the world’s largest Hindi film library. Through its strong presence worldwide, ZEE entertains over 1 billion viewers across 171 countries.
Pioneer of television entertainment industry in India, ZEE’s well-known brands include Zee TV, &tv, Zee Cinema, Zee Action, Zee Classic, &pictures, Zee Anmol, Zee Anmol Cinema, Zee Cafe, Zee Studio, Zee Salaam, Zing, ETC Bollywood, Zee Q, Zindagi, Ten 1, Ten 2 and Ten 3. The company also has a strong offering in the regional language domain with channels such as Zee Marathi, Zee Talkies, Zee Yuva, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Cinemalu, Zee Kannada, Zee Tamil and Sarthak TV. The company’s HD offerings include Zee TV HD, Zee Cinema HD, &tv HD, Zee Studio HD, Zee Café HD, &pictures HD, Zee Talkies HD, Zee Marathi HD, Zee Bangla HD, Ten 1 HD and Ten Golf HD.
ZEE and its affiliate companies have leading presence across the media value chain including television broadcasting, cable distribution, direct-to-home satellite services, digital media and print media amongst others. ZEEL also operates multiple digital offerings like dittoTV, OZEE, and india.com. More information about ZEE and its businesses is available on www.zeetelevision.com
About Reliance’s General Entertainment TV Broadcasting Business
The General Entertainment television thrives on an eclectic mix of shows with original content, quirky humor, strong messaging and a deep understanding of the target audience, both on a national and regional level.
BIG Magic, India’s light-hearted family entertainment channel, leads its pack with shows that are based on original content, mashed with a series of comical satires.
The channel prides itself on being a complete family entertainment package with its wide range of offerings – from hilarious sitcoms, side splitting historical and mythological comedies, laugh out loud weekend specials, stand up acts, festive specials, animated movies and blockbuster comedy films.
Its viewers are offered a daily dose of entertainment through various show formats, with unique characters who are quirky and funny.
BIG Ganga, the No.1 regional entertainment channel in Bihar & Jharkhand, offers its viewers the best mix of light entertainment. The channel stands out for its shows having local insights and festive specials, thus forming a strong connect with the audience.
More information is available on: www.reliancebroadcast.com
About Reliance Capital
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth. The Company is a constituent of CNX Midcap 50 and MSCI Global Small Cap Index.
Reliance Group is amongst India’s leading business houses with over 250 million customers. The Group has a strong presence across a wide array of high growth consumer-facing businesses of financial services, telecom, energy, power, infrastructure, and Defence.
Reliance Capital has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.
More information is available on: www.reliancecapital.co.in
===============================================================
Media Contact:
Jayshree Kumar / Arantxa Gonsalves
Corporate Brand – Zee Entertainment Enterprises Limited (ZEEL)
Mobile: +91-9769286661 / +91 9820336890
Landline: +91-22-7106 1367 / 7108 5464
Email: jayshree.kumar@zee.esselgroup.com / arantxa.gonsalves@zee.esselgroup.com