Zee clarifies media reports quoting Subhash Chandra on firm’s future
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3 months ago 06:00:14am Television

Zee clarifies media reports quoting Subhash Chandra on firm’s future

New Delhi, 31-January-2024, By IBW Team

Zee clarifies media reports quoting Subhash Chandra on firm’s future

India’s first private sector broadcasting company Zee Entertainment, now battling downturns after a merger with Japan’s Sony Group’s India entity was called off earlier this month, has clarified that it cannot comment on a media report that quoted the company’s founder Subhash Chandra, as saying the promoters would hike stakes in the media firm.

“…the statement quoted in…news article does not represent a decision or proposal that has been considered or approved by the Board. The company cannot on its own confirm or deny the above-mentioned new items and its source. As such, the company has no disclosures to make to the stock exchanges as on date in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,” Zee said yesterday in a regulatory filing.

The stock exchange, BSE, had sought clarification from Zee Entertainment Enterprises Ltd on January 30, 2024, with reference to a news item that had appeared in www.moneycontrol.com yesterday, saying ‘Subhash Chandra’s statements on ZEEL stake hike under Sebi scrutiny’.

Zee further added: “We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading.”

Chandra, who founded Zee in the early 1990s and then went on to lock horns with Rupert Murdoch successfully after a period of joint ventures in India, is now designated Chairman Emeritus at Zee Entertainment.

Zee’s No-Comment on Disney Cricket Deal Matter: Meanwhile, the Indian broadcasting  company, which is presently witnessing declining revenues, also clarified yesterday that it cannot comment on whether Disney was mulling legal action with reference to a ICC cricket rights sub-licensing deal with Star, as reported by another section of the news media.

“We would like to clarify that the company is not aware of, and cannot comment on, Star India Private Limited’s (Disney Star) intentions or next steps with respect to the strategic license agreement entered between the company and Disney Star. It appears that the captioned news item mentions Disney Star’s internal discussions/plans, which the company cannot remark on,” Zee said in another regulatory filing.

Few days back a media report, filed by PTI and quoting unnamed industry sources, had appeared that stated Disney Star was mulling legal actions against Zee Entertainment for backing out from a  $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India.

The report added that Zee, which has already missed the first instalment of around $200 million, has informed Disney Star that it does not intend to move ahead with this deal. According to the sources, this is a fallout of the collapse of its merger deal with Sony.

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