Zee Entertainment Enterprises

Last updated

Zee Entertainment Enterprises Limited
Company type Public
Industry
Founded15 December 1991;32 years ago (1991-12-15)
Founder Subhash Chandra
Headquarters Mumbai, Maharashtra,
Area served
Worldwide
Key people
Products Broadcasting, films, music, streaming, web portals
RevenueDecrease2.svg2,112 crore (US$250 million) (2022) [2]
Decrease2.svg−196 crore (US$−23 million) (2022) [2]
Total assets Decrease2.svg13,239 crore (US$1.6 billion) (2022) [2]
Number of employees
3,429 (2021) [2]
Parent Essel Group
Website zee.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.

Contents

History

Independent era

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

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

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]

Controversy

Dispute between promoters

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

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

India

ChannelLaunchedLanguageCategorySD/HD availabilityNotes
Zee TV 1992 Hindi General EntertainmentSD+HD
&TV 2015
Zee Anmol 2013SD
Big Magic 2011
Zee Zindagi 2014
Zee Cinema 1995MoviesSD+HD
Zee Classic 2005SD
Zee Action 2006
Zee Anmol Cinema 2016
Zee Bollywood 2018
&pictures 2013SD+HD
&xplor HD 2019
Zee Anmol Cinema 2 2024SDFormerly Zee Ganga
Zing 2009YouthFormerly Zee Muzic
Zee Café 2000 English General EntertainmentSD+HDFormerly Zee English
&flix 2000MoviesFormerly Zee Studio
&privé HD 2017HD only
Zee Zest 2010 Hindi, English LifestyleSD+HDFormerly Living Foodz and Zee Khana Khazana
Zee Theatre 2018 Hindi, English, Urdu, Marathi, Gujarati TV PlaysSD
Zee Bangla 1999 Bengali General EntertainmentSD+HDFormerly Alpha TV Bangla
Zee Bangla Cinema 2012MoviesSD
Zee Biskope 2020 Bhojpuri
Zee Marathi 1999 Marathi General EntertainmentSD+HDFormerly Alpha TV Marathi
Zee Yuva 2016SD
Zee Talkies 2007MoviesSD+HD
Zee Chitramandir 2021SD
Zee Sarthak2010 Odia General EntertainmentFormerly Sarthak TV
Zee Punjabi 2020 Punjabi Formerly Alpha TV Punjabi
Zee Kannada 2006 Kannada SD+HD
Zee Picchar 2020Movies
Zee Keralam 2018 Malayalam General Entertainment
Zee Tamil 2008 Tamil
Zee Thirai 2020Movies
Zee Telugu 2004 Telugu General EntertainmentFormerly Alpha TV Telugu
Zee Cinemalu 2016Movies

International

ChannelLaunchedLanguageCategorySD/HD availabilityNotes
Zee World 2015 English

Hindi Sesotho

General EntertainmentSD/HD
Zee One (Africa)2021 English

Hindi

Zee Family2023 Hindi
Zee Alem2020 Amharic
Zee Zonke2023 IsiZulu
Zee Magic 2015 French
Zee Bioskop 2013Indonesian
Zee Mundo 2016 Spanish Movies
Zee Alwan 2012 Arabic General Entertainment
Zee Aflam 2008Movies
Zee Nung 2014 Thai General Entertainment

Defunct channels and networks

India

ChannelLaunchedDefunctLanguageCategorySD/HD availabilityNotes
Zee Next 20072009 Hindi General EntertainmentSD
Zee Smile20042016Formerly Smile TV
9X 20072015Acquired from 9X Media
Zee Jagran 20052015Devotional
Zee Premier 20062015MoviesSDFormerly Premier Cinema
ZeeQ 20102017KidsSD
Zee Muzic 19972009MusicReplaced with Zing TV
Zee ETC Bollywood 19992020Formerly ETC and ETC Bollywood
Zee Khana Khazana 20102015LifestyleReplaced with Living Foodz
Zee Studio 20052018 English MoviesFormerly Zee MGM and Zee Movie Zone
Zee Trendz 20032014LifestyleFormerly Trendz TV
Zee Sports20052010SportsMerged with TEN Action
Living Foodz 20152020 English, Hindi LifestyleSD+HDReplaced with Zee Zest
Living Travelz 20172017KnowledgeSD
Zee Ganga 20132024 Bhojpuri General EntertainmentReplaced with Zee Anmol Cinema 2
Zee Gujarati 20002009 Gujarati General EntertainmentFormerly Alpha TV Gujarati
Zee Vajwa 20202022 Marathi Music
Zee ETC Punjabi 20012014 Punjabi General EntertainmentFormerly ETC Punjabi

International

ChannelLaunchedLanguageSD/HD availability
Zee Bollymovies 2017 English SD
Zee Bollynova2017English
Zee One 2016 German
Zee Sine 2016 Filipino
Zee Variasi 2006 Malay
Zee Hiburan 2015 Indonesian

Over The Top (OTT)

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

Publishing [50]

Event management [51]

Film distribution and music

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