Karthik
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Zee News Ltd – which is to be renamed as Zee Media Corp – is exploring whether it makes sense to merge the Essel group’s print media interests (DNA) with its news broadcasting business. Today, the company filed a notice with the Mumbai stock exchange wherein it has said it has got board approval to fuse its news broadcasting business and its print media interests.
DNA has six editions and according to the IRS Q4-2012 it had an average India readership of close to a million daily. In Mumbai it has been giving a run to other players such as The Times of India and The Hindustan Times a run for their money. Zee News on the other hand is among the top 3 news broadcasters in the country with news and infotainment channels in Hindi, Chhattisgarh, Madhya Pradesh, UP/Uttarakhand, Bengali, Telugu, Marathi, and a business channel in Hindi.
Said Zee News in the statement to the BSE: “Considering the growth plans of the company and the business synergies in print and electronic news media, the board has approved in-principle combination of 'news publication business' of Diligent Media Corp Ltd - a promoter group entity engaged in printing and publication of English daily 'DNA' and the 'news broadcasting business' of the Company. A committee constituted by the board shall engage / appoint independent professionals to advice on the appropriate structure / manner of combination and its valuation, cost-benefit analysis, procedural and others aspects for consideration by the audit committee and the board in due course.”
When indiantelevision.com contacted Zee News CEO Alok Agrawal, he said even though everything was in a preliminary stage there was an active possibility of a merger fructifying.
Indiantelevision.com > News Headlines > Zee News & DNA: Merger on the cards?
DNA has six editions and according to the IRS Q4-2012 it had an average India readership of close to a million daily. In Mumbai it has been giving a run to other players such as The Times of India and The Hindustan Times a run for their money. Zee News on the other hand is among the top 3 news broadcasters in the country with news and infotainment channels in Hindi, Chhattisgarh, Madhya Pradesh, UP/Uttarakhand, Bengali, Telugu, Marathi, and a business channel in Hindi.
Said Zee News in the statement to the BSE: “Considering the growth plans of the company and the business synergies in print and electronic news media, the board has approved in-principle combination of 'news publication business' of Diligent Media Corp Ltd - a promoter group entity engaged in printing and publication of English daily 'DNA' and the 'news broadcasting business' of the Company. A committee constituted by the board shall engage / appoint independent professionals to advice on the appropriate structure / manner of combination and its valuation, cost-benefit analysis, procedural and others aspects for consideration by the audit committee and the board in due course.”
When indiantelevision.com contacted Zee News CEO Alok Agrawal, he said even though everything was in a preliminary stage there was an active possibility of a merger fructifying.
Indiantelevision.com > News Headlines > Zee News & DNA: Merger on the cards?
