ZEEL to recover Dish TV and Siti Cable arrears in 12-24 Months
The broadcaster has made a detailed analysis of recoverability and is determined that the balance is collectible and will be cleared in the next 12-24 months.
Zee Entertainment is expecting to recover its entire arrears from Dish TV and Siti Cable over the next 12-24 months according to Punit Goenka MD and CEO of Zee Entertainment, who on Wednesday was speaking to analysts in a conference call post the announcement of its quarterly results.
The broadcaster has made a detailed analysis of recoverability and is determined that the balance is collectible and will be cleared in the next 12-24 months. The company took a hit of Rs 376 million expected credit loss charge due to the delay in payments.
Both the companies have fulfilled the commitments as per the payment plan for quarter 3, but Dish has expressed its inability to keep up with the same for quarter 4. ZEEL expects Siti to stick to its payment plan. Dish and Siti contribute 20% and 7% respectively to ZEEL´s subscription revenue.
Dish TV has been paying regular payments to Zee for the current billing for the last quarter which will get its outstanding amounts reduced from next fiscal onwards. Dish TV´s arrears are likely to be cleared over 24 months’ time while that of Siti is likely to be cleared over the 12 month period.
The total outstanding amount as on the quarter is Rs 750 crores. Rs 350 crores is the overdue amount with payment plans to happen on a monthly basis.
In November 2019, Zee Entertainment had revealed that two of its director Subodh Kumar and Neharika Vohra who had resigned from their posts, one of the reasons behind their resignation was said to be Zee’s failure to take action on the large outstanding from Dish TV and Siti Cable for the content supplied by ZEEL.
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