Zee to hive off Zee Music into subsidiary before stake sale

Zee Entertainment Enterprises Ltd. (ZEEL) is planning to sell a 49 percent stake in Zee Music as part of its strategy to raise funds and unlock the value of its music business, a Storyboard18.c om report stated yesterday quoting According to a CNBC-TV18.

The company, according to the report, is aiming for a valuation of around Rs.6,000 crore for Zee Music.

Before the stake sale, ZEEL plans to separate Zee Music from its existing business and make it an independent subsidiary. The proposal is expected to be discussed at the company’s upcoming board meeting.

The move comes shortly after ZEEL announced a Rs.3,143.5 crore promoter-led capital infusion. Earlier this month, the company’s board approved the issue of fully convertible warrants to promoter entity Sunbright Mauritius Investments Ltd., subject to shareholder and regulatory approvals.

Zee Music owns a large catalogue of Bollywood, regional, and independent music, making it one of the company’s valuable content assets.

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“This initiative will empower subscribers to pay online and subscribe to the channels they want to watch and get it activated on their TV sets in real-time without any delay. Without needing to undertake any software development, LMOs can approach Mobiezy for their pre-built and pre-integrated solution that uses NXTDigital’s news APIs and can be up and running with their own mobile apps within just a few days.”

RU Ediriwira, Group CTO, NXTDigital Limited

“With the launch of Partnership for Growth 3.0 we intend to expand our network with 40 new NXTHUBs, each offering up to 650 live TV channels and broadband. Our efforts are focused on harnessing the convergence of technologies, developing robust apps and creating new business models that will help the overall ecosystem, delivering the best experience to our subscribers. We hope to achieve a stronger foothold in the rural regions of the country and grow our subscriber base.”

N.K. Rouse, COO, NXT Digital Ltd

“One of the key principles of the Hinduja Group is ‘Partnership for Growth’. After 2.0 saw the launch of HITS to connect LMOs in even the most remote locations through the only satellite-based cable TV platform in India; 3.0 focuses not just on strengthening the overall ecosystem we have built, but harnessing the convergence of technologies – to be delivered through a national network of NXTHUBs. Video and broadband are only the beginning of the digital highway of services that we have developed for roll-out backed by a robust suite of innovative apps developed by service providers exclusively for our LMOs and subscribers.”

Vynsley Fernandes, MD & CEO, NXTDigital Limited

“Wireline broadband is becoming ever more important not only in connecting homes across the country but also small to large enterprises-to the digital economy. The NXTHUBs will be the perfect point-of-presence to offer broadband services to cater to these consumer needs.”

Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!

Ashok Mansukhani, Corporate Law and Media Law Advocate at Ashokmansukhani Associates

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Zee to hive off Zee Music into subsidiary before stake sale

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