Connect with us


Reliance Capital to sell stakes in TV, FM units to Zee Group




Mumbai, 23 Nov 2016 : Reliance Capital on Wednesday announced that it will be selling 49 per cent stake in its radio business and 100 per cent interest in the TV arena to Zee Group that will not just cut Rs 1,900 crore in debt but also unlock shareholder value.

The deal pegs the enterprise value of the radio and general entertainment TV business at Rs 1,900 crore, the company said in a filing with the stock exchange. The deal involved the popular 92.7 BIG FM radio channel.

“The entire proceeds from the stake sale will be used to reduce Reliance Capital’s debt by Rs 1,900 crore ($283 million) upon final completion of stake sale transactions. Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals,” the company said.

“We are happy to bring in Zee Media as our partner in the Radio business and divest 100 per cent of our general entertainment TV business to Zee Entertainment,” said Sam Ghosh, Executive Director and Group CEO of Reliance Capital.

“This transaction is part of our strategy to reduce exposure in non-core business of media and entertainment and work towards further reducing our debt under Reliance Capital.”

Immediately after the regulatory filing, the shares of Reliance Capital rose to Rs 431.40 — up Rs 11.55 or 2.75 per cent. Ernst and Young was the financial advisor to Reliance Broadcast Network for the transactions.

Rajiv Singh, COO of Zee Media Corp, said his group was looking forward to the partnership with Reliance Capital, and that it will help the group reach out to a larger audience base.

“This transaction shall bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace. We are confident that this investment will enhance value for all stakeholders,” Singh said.

Punit Goenka, Managing Director of Zee Entertainment, said that by virtue of the deal, Big Magic will give his group access to comedy genre enhancing the customer offerings. “Big Ganga, a leading Bhojpuri channel, syncs with our strategy of expanding into the regional markets which offers attractive growth potential.”

Reliance Broadcast Network said it runs a network of FM Radio channels in India under the brand name of 92.7 Big FM, reaching out to 45 cities, 1,200 towns and over 200 million people. It will be transferring the 45 operational and 14 new channels into two special investment vehicles.

Zee Group will acquire 49 per cent stake in each of these two vehicles. Both companies shall also have an option for acquiring the balance 51 per cent stake in the vehicles after the stipulated lock-in period.

The General Entertainment TV broadcasting business currently comprises of two channels — Big Magic and Big Ganga. Big Magic is a Comedy channel catering to Hindi Speaking Markets while Big Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and the Purvanchal region.

Both these channels would be merged into ZEEL as part of this transaction.


PDP chief Mehbooba Mufti released from detention after 14 months




Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

Continue Reading


Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15




Swimming pools for training of sportspersons to open with SOP from Oct 15

Continue Reading


SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance




Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

Continue Reading

Trending Live


Latest Post

Big News



Cricket3 weeks ago

भारत ने सेंचुरियन में साउथ अफ्रीका को 113 रनों से हराया

भारत ने दक्षिण अफ्रीका को पहले टेस्ट क्रिकेट मैच के पांचवें दिन गुरुवार को 113 रन से हराकर तीन मैचों...

Sports1 month ago

Australian Open में जोकोविच के खेलने पर सस्पेंस बरकरार

मेलबर्न, 10 दिसंबर (live24india) : नोवाक जोकोविच के 17 जनवरी से शुरू होने वाले ऑस्ट्रेलियन ओपन में खेलने पर अभी भी...

Cricket1 month ago

रूट और मलान की साझेदारी से इंग्लैंड की वापसी की उम्मीद जगी

ब्रिसबेन, 10 दिसंबर (live24india) : कप्तान जो रूट की रिकार्ड पारी और डाविड मलान के साथ उनकी तीसरे विकेट के लिये...

Cricket1 month ago

पाकिस्तान ने बांग्लादेश को हराकर रचा इतिहास, किसी टीम को नहीं मिली ऐसी जीत

ढाका, 8 दिसंबर (live24india) : ढाका में खेले गए दूसरे टेस्ट में भी पाकिस्तान ने बांग्लादेश को हरा दिया. पाकिस्तान ने खेल...

Cricket1 month ago

मुंबई में शतक लगाकर मयंक की रैंकिंग में उछाल

मुंबई, 8 दिसंबर (live24india) : भारत ने न्यूजीलैंड को मुंबई टेस्ट में 372 रनों से हराकर सीरीज 1-0 से अपने नाम...



Bollywood10 hours ago

कनिका ढिल्लों ने पल्प को पर्दे पर वापस लाकर हिंदी सिनेमा की कहानी को दो बार बदल दिया!

मुंबई, 18 जनवरी (live24india) :  अपनी पकड़ और दिलचस्प कथानकों के लिए जानी जाने वाली, मनमौजी स्टार लेखिका कनिका ढिल्लों...

Bollywood12 hours ago

करण सिंह ग्रोवर 2022 में तीन बैक-टू-बैक शो के साथ व्यस्त रहेंगे

मुंबई, 18 जनवरी (live24india) : द हार्टथ्रोब ऑफ द नेशन करण सिंह ग्रोवर, अपनी करिश्माई स्क्रीन प्रेजेंस , पावरहाउस परफॉर्मेंस...

Bollywood15 hours ago

शिखा कपूर, अमित चंद्रा और प्रभात चौधरी ने की ‘अंदाज़’ की घोषणा!

मुंबई, 18 जनवरी (live24india) : मीडिया और कॉन्सुमर स्ट्रेटर्जी में विशेषज्ञ और पूर्व सीएमओ फॉक्स स्टार स्टूडियोज, यूटीवी डिज्नी और...

Bollywood17 hours ago

सिद्धांत चतुर्वेदी घर लाए एक शानदार हार्ले डेविडसन बाइक; एक इमोशनल नोट किया साझा!

मुंबई, 18 जनवरी (live24india) :  राइजिंग स्टार सिद्धांत चतुर्वेदी, जो वर्तमान में अपनी अगली फिल्म ‘गहराइयां’ की तैयारी कर रहे...

Bollywood2 days ago

‘गोंद के लड्डू सिंपल ह्यूमन इमोशन्स की कहानी है”: नीना कुलकर्णी ने किया साझा!

मुंबई, 17 जनवरी (live24india) : अमेज़ॅन प्राइम वीडियो के बहुप्रतीक्षित हिंदी एंथोलॉजी ‘अनपॉज्ड: नया सफर’ के हाल ही में लॉन्च...