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Zee Entertainment announces fundraising plans through equity shares and QIPs following the termination of its merger with Sony. Amid layoffs and seeking a termination fee of USD 90 million from Sony, ZEE aims to improve performance and efficiency.
Leading broadcaster Zee Entertainment announced its intention to raise funds from the market through various avenues, including the issuance of equity shares and qualified institutional placements (QIPs). The company, however, did not specify the amount it aims to raise.
Explore: ZEE ENTERTAINMENT ENT LTD
After Sony Corporation terminated the merger agreement with Zee Entertainment, ZEEL announced a strategic realignment of its revenue vertical. The move is directly led by the Managing Director and CEO, with a focus on improving performance and efficiency.
Since 2020, ZEEL's performance has faced challenges attributed to industry-wide macro slowdown, transitory issues, and management bandwidth constraints due to merger activities. The company also laid off 50% of its staff at its Bengaluru-based Technology and Innovation Centre in March.
Following the termination of the merger deal, ZEEL sought a termination fee of USD 90 million from Sony Group for calling off the USD 10-billion merger deal. The termination fee is being sought from Sony Pictures Networks India (SPNI) and Bangla Entertainment (BEPL).
Additional Read: Star India's Arbitration Move Against Zee Sports
ZEEL and SPNI initially entered into a merger agreement in December 2021, which was approved by the Mumbai bench of NCLT in August 2023. However, Sony Corporation announced the termination of the agreement in January 2024, leading to ZEEL's strategic realignment and fundraising efforts.
By considering various fundraising routes and focusing on operational efficiency, Zee Entertainment aims to navigate the fallout from the terminated merger and enhance its performance in the dynamic media landscape.
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