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ZEEL to acquire Anil Ambani's general entertainment TV Channels

The  TV  Broadcasting  business  of  Reliance  Group  Entities currently  comprises  two  operational  general entertainment channels (“BIG Magic” and “BIG Ganga”) and 4  other TV licenses.


ZEEL to acquire Anil Ambani's general entertainment TV Channels

Mumbai:  The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) on Wednesday approved the acquisition of the General Entertainment Broadcasting   Business Undertaking of Reliance Big Broadcasting Private Limited, Big Magic Limited & Azalia Broadcast Private Limited, all  part of Anil Ambani led Reliance Group Entities through a scheme ofdemerger and execution of definitive agreements  in relation to such proposed acquisition (the “Proposed Transaction”).

The TV Broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels (“BIG Magic” and “BIG Ganga”) and 4 other TV licenses.

BIG Magic is a Comedy channel catering to Hindi Speaking Markets. BIG Ganga is a leading  Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal.

The channels are available on all major MSOs and DTH operators.

The General Entertainment TV Broadcasting business undertaking along with its assets, liabilities,  licenses, trademarks etc.shall get demerged from “BIG Magic Ltd”, “Reliance Big Broadcasting Private Ltd” and  “Azalia  Broadcast Private  Ltd”  into ZEE through a court-approved scheme.

Punit Goenka, MD & CEO, ZEEL said, “We are pleased to announce this acquisition which further  adds  to  our  expanding  universe  of  general  entertainment  channels.  BIG  Magic  gives us access to comedy genre enhancing our customer offerings. BIG Ganga, a leading Bhojpuri channel syncs with our strategy of expanding into the   regional markets which offers attractive growth potential.  I am confident that these two channels will make the ZEE Network channels more enriching for the audience and for the Company.”

Sam  Ghosh, ED and Group CEO,  Reliance Capital said, “We are happy to divest 100 percent of our general entertainment TV business to Zee Entertainment. This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital.”

The  proposed  transaction  remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges,  Ministry of Information & Broadcasting, High Court at Bombay.

The transaction is expected to close in the second half of  CY2017. 

From Zee News

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