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Breaking ZEE Turner JV disbanded as ZEEL acquires 26% stakes

abhishek

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: Zee Entertainment Enterprises Ltd (ZEEL) has acquired Turner International India’s 26% stake in distribution joint venture (JV) company Zee Turner, in which ZEEL owns 74% stake. The JV didn’t have active operations since last few years and accordingly, its turnover was nil during last three financial years. Since there have been no active operations, the partners have decide to terminate the JV with ZEEL taking control of it. Zee Turner was incorporated on 20 December, 2001 as a JV entity with Turner International India for engaging in the business of distribution of Zee and Turner channels. Zee Turner held 50% equity stake in Zee-Star Distribution JV MediaPro Entertainment, which was discontinued in 2014 after Telecom Regulatory Authority of India (TRAI) disallowed content aggregators. “The Joint Venture partners have mutually agreed to terminate the Joint Venture with acquisition of Turner’s equity stake in ZTL by the Company at par value aggregating to Rs. 260,000/-. Upon closure of transaction ZTL shall become a wholly owned subsidiary of the Company,” ZEEL said in a statement. The execution of transaction documents and acquisition is expected to be concluded within 30 days following which the company will become a subsidiary of ZEEL. ZEEL has been distributing Turner channels in India since 2001.

Read more at: http://www.televisionpost.com/television/zee-turner-jv-disbanded-as-zeel-acquires-turners-26-stake/ | TelevisionPost.com
 
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