Zee Entertainment Enterprises (ZEEL) (formerly Zee Telefilms) is an Indian media conglomerate. Headquartered in Mumbai, it has interests in television, print, internet, film, and businesses related to mobile content, and operates 45 channels worldwide.
Zee Telefilms launched a Nickelodeon-branded programming block in 1999 as part of a distribution deal between Viacom International and Zee Telefilms. It was replaced by a new Cartoon Network block in 2002.[9][10]
In 2002, the company acquired a majority stake (51%) in ETC Networks. In 2003, they planned to purchase Rajshri for ₹50 crore. With the deal, Zee would have access to all of Rajshri's films, but the plan fell later on. In 2006, they acquired Integrated Subscriber Management Services Limited, and in November 2006, it received a 50% stake in Taj Television, owner of TEN Sports. In that same year, the company was rebranded as Zee Entertainment Enterprises.
In February 2010, the business acquired an additional stake (95%) in TEN Sports.
As Zee Telefilms, the company formed part of BSE Sensex from 2000 to 2005. The news and regional entertainment channel business was spun off into a separate company in 2006 as Zee News.
In May 2011, Star Den entered into a 50/50 joint venture with Zee Turner and Zee Entertainment Enterprises (ZEEL) to distribute and market all channels owned by the company and ZEEL, their respective affiliated channels and other third-party channels in India, Nepal and Bhutan.
In 2015, Zee acquired Sarthak TV, an Odia-language pay television channel.[12] One year later, on 28 July 2016, it launched Zee One, aimed at the German market. A Polish version of the channel was launched in 2017.
In 2016, Zee launched Zee Mundo, a Spanish-language Bollywood movie channel targeting Latin America.
In 2017, the company acquired the majority stake of the Reliance Broadcast Network.[13] It also planned to acquire 9X Media in October 2017 for the cost of ₹160 crore, however, the plan fell through in March 2018.[14][15] A partially-owned subsidiary, Diligent Media Corporation, is a publisher of Indian daily newspapers and websites. DMC is a joint venture between Zee and the Dainik Bhaskar Group.[16]
In 2018, Zee launched Zee Theatre, which offers a collection of recorded theatre plays also called teleplay- produced in India and internationally.[17]
Sale talks
In February 2019, media reported that Essel Group was in talks to sell[18] their shares from the Zee Entertainment Enterprises to save from the debt.
Sony, Comcast-Atairos, a firm led by American cable giant Comcast were shortlisted for the bid. However, they were competing with technology giant Apple and Reliance Industries among others.
Top Sony officials including Mike Hopkins, chairman of Sony Pictures Television,[18] and Tony Vinciquerra, chairman of Sony Pictures, had visited Subhash Chandra and his family at his residence shortly after Chandra announced his intent to sell half of the promoter holding in Zee Entertainment Enterprises to a global strategic investor. On April 2 reports said that[19] some other promoters[20] were willing to sell their shares worth ₹332 crore. On April 3 media reported Sony and Zee Entertainment Enterprises deal off[21] amid valuation differences which opened the door for Comcast-Atairos.
On August 1 media reports Invesco Oppenheimer Fund to buy 11% stake in Zee Entertainment[22]
In September 2021, it was reported that Invesco Developing Markets Funds and OFI Global China Fund LLC, who jointly holds a 17.88% stake, wanted Punit Goenka (also the son of founder) to step down as MD and CEO. It was also reported that Essel Group owns a sum of 3.99% minority stake.[23]
Attempted merger with Sony Pictures Networks India
On 22 September 2021, the company announced its intent to merge with Sony Pictures Networks India.[24] Sony Pictures will hold a majority stake in the proposed merged entity, which will be headed by Zee's Punit Goenka.[25] In December 2021, the merger was approved by the two companies boards. Sony will hold a stake close to 51% in the company, with Zee controlling the remaining stake.[26]
On 4 October 2022, the Competition Commission of India (CCI) conditionally approved the proposed merger of Zee Entertainment Enterprises Limited (ZEE) and Sony Group Corporation (SGC) in India (the proposed transaction).
On 18 January 2024, the anticipated $10 billion merger between Zee Entertainment Enterprises and Sony Pictures India progressed as ZEE's stock increased amid reports that CEO Punit Goenka might step down, potentially resolving a major deadlock in the merger process.[28] However, on January 22, 2024, Sony Pictures Networks India issued a notice to Zee Entertainment Enterprises effectively terminating the merger proceedings due to, among other reasons, the closing conditions to the merger not being satisfied by the given deadline of January 21.[29]
Controversy
Dispute between promoters
On 11 September 2021, Invesco asked Zee management to call shareholders an "extraordinary general meeting" (EGM) to consider its demands. One of the main demands was the removal of Punit Goenka, son of the Zee Network founder.[30] However Zee board rejects a demand from Invesco to convene an extraordinary general meeting.[31] Invesco Developing Market Funds Moves to National Company Law Tribunal (NCLT) and Bombay High Court seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.[32][33]
OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that the Zee Entertainment board had conducted on October 1 was just a legal formality and that it's a classic case of Forum shopping.
On 11 October 2021 Invesco[34] write an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. also, they implemented that they tried to merge Zee with some other Indian company in early 2021 but the Zee board rejected it.
Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue[35] but "by the events that transpired during February–April 2021 pointing Invesco purposed deal with Reliance Industries.[36]
Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with the managing director and member of the founding family of the media and entertainment company.
On 21 October, Bombay High Court asks the Zee board to call EGM as demanded by shareholder Invesco, and Counsel appearing for Zee Entertainment said the company will inform the date of the EGM by the morning of October 22.[37][38]
On 22 October, Zee replied to the court that the board can't give a nod to something that will turn out to be illegal.[39] so HC postponed hearing of the Zee-Invesco matter to October 26.and on October 26 Bombay High Court has restrained Invesco from taking any action in furtherance of their requisition notice (to call an EGM).[40]
On 7 December, Invesco headed towards a resolution expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.[41]
On 22 December, Board of Zee signed definitive agreements with Sony after received approval from its board of directors[42]
In February 2016, Zee Entertainment Enterprises forayed into video-on-demand with the launch of its OTT platform OZEE.[46]
On 14 February 2018, this service rebranded as ZEE5.[47] Since its relaunch as ZEE5, it streams all content from its television network and also movies and original series. ZEE5 claimed 57 million monthly active users in December 2019.[48]
Zee TV is an Indian Hindi language general entertainment pay television channel owned by Zee Entertainment Enterprises. It was launched on 1 October 1992, as the oldest privately owned Television channel in India. The defunct and unsuccessful Asia Television Network started earlier.
Sony Sports Network, formerly known as Sony Pictures Sports Network and also known as Sony TEN, is a group of Indian pay television sports channels owned by Culver Max Entertainment.
Mahindra Satyam was an Indian information technology (IT) services company based in Hyderabad, India, offering software development, system maintenance, packaged software integration and engineering design services. Satyam Computer Services was listed on the Pink Sheets, the National Stock Exchange and Bombay Stock Exchange and provided services to a wide range of customers including 185 Fortune 500 companies.
Zee Café is an Indian pay television channel owned by Zee Entertainment Enterprises. The channel mainly syndicates popular American and British television shows to appeal to the English-speaking population of India.
Subhash Chandra Goenka is an Indian billionaire media baron. He is the chairman of the Essel Group, an Indian media conglomerate and founded Zee TV in 1992. He was also the chairman of Zee Media but resigned as Director and Non-Executive Chairman of the company on 24 May 2016. He was elected to the Upper House of the Indian parliament for the Haryana state in the 2016 Rajya Sabha election, as an independent candidate supported by legislators from the Bharatiya Janata Party.
Siti Networks Ltd, formerly known as Wire and Wireless (India) Limited (WWIL), is a multi system operator (MSO) promoted by the Essel Group. The company provides digital cable television services in India and is headquartered in Noida, Uttar Pradesh.
Zee Kannada is an Indian Kannada pay television general entertainment channel that was launched in the year 2006 and owned by Zee Entertainment Enterprises. It is also being as the first mainstream satellite channel in Kannada.
Network18 Media & Investments Limited, commonly referred to as the Network18 Group and sometimes as the Network18–Eenadu Group, is an Indian media conglomerate owned by the energy giant Reliance Industries, headed by billionaire Mukesh Ambani. Rahul Joshi is the managing director, chief executive officer and group editor-in-chief of Network18, and Adil Zainulbhai is the chairman of its board of directors.
Zee Telugu is an Indian Telugu-language general entertainment pay television channel in India. It was launched on 12 September 2004 as Alpha TV Telugu. and was rebranded as Zee Telugu on 18 May 2005. The channel is owned by Zee Entertainment Enterprises. Zee Entertainment Enterprises also launched a Telugu movie channel named Zee Cinemalu in September 2016.
9X was an Indian Hindi general entertainment channel based in Mumbai. It is owned by Zee Entertainment Enterprises Ltd. (ZEEL). The channel was launched on 12 November 2007 in India as the flagship of the INX Network.
Viacom18 Media Private Limited is an Indian media company based in Mumbai, India. Founded in 2007 by the MTV Networks Europe division, it later became a joint venture between TV18 and Viacom in 2014, with TV18 becoming the majority shareholder in the company since April 2023, with Paramount Networks EMEAA and Bodhi Tree Systems owning minority stakes. The company owns and operates various channels, as well as content production studios in India.
DishTV India is an Indian Subscription based satellite television provider based in Noida, Uttar Pradesh with Yes Bank as its biggest stakeholder. DishTV was launched by the Zee Group on 2 October 2003. It ranked #437 and #5 on the list of media companies in Fortune India 500 roster of India's largest corporations in 2011. Dish TV was also voted India's most trusted DTH brand according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory. On 22 March 2018, Dish TV completed a merger with Videocon d2h, creating the largest DTH provider in India at the time of merger.
Essel Group, is an Indian multinational conglomerate holding company and corporate promoter headquartered in Mumbai, Maharashtra, India. The company has had business interests in mass media, infrastructure and packaging. It operates the subsidiary of Zee Media Corporation.
Culver Max Entertainment Pvt. Ltd., trading as Sony Pictures Networks India, is an Indian media conglomerate owned by Sony Pictures Television.
&TV, also known as And TV, is a Hindi-language entertainment channel owned by Zee Entertainment Enterprises. Launched as a general entertainment channel from ZEEL group, it started broadcasting on 2 March 2015. On 1 June 2019, &TV was closed in the UK due to the launch of ZEE5.
Zee Music Co. (ZMC) is an Indian music company, a subsidiary of Zee Entertainment Enterprises. It carries its business activities mainly from New Delhi. The company has captured a major chunk of market share in Bollywood music in a short span of time.
Punit Goenka is the managing director and chief executive officer of Zee Entertainment Enterprises. Goenka is the elder son of Essel Group Chairman Subhash Chandra. Goenka grew up and studied in several towns and cities—Hisar in Haryana; Delhi; Sanawar in Himachal Pradesh and Mumbai—before moving to Institut Le Rosey, a boarding school in Rolle, Switzerland. He was elected as the President of Indian Broadcasting Foundation (IBF) in the September, 2016 for a period of one year. He holds a bachelor's degree, B.Com from University of Mumbai 1995.
ZEE5 is an Indian subscription video on demand and over-the-top streaming service, run by Zee Entertainment Enterprises. It was launched in India on 14 February 2018 with content in 12 languages. The ZEE5 mobile app is available on Web, Android, iOS, Smart TVs, among other devices. ZEE5 claimed 56 million monthly active users in December 2019.
Rahul Kamerkar is an Indian lawyer and author.
Bharti Infratel Limited was an Indian telecommunications infrastructure company that provided telecom infrastructure such as telecom towers, fiber networks and other related infrastructure. Headquartered in Gurugram, Haryana, the company was established by Bharti Airtel in July 2007 by spinning-off its mobile towers to a new wholly-owned subsidiary. Bharti Infratel was the first Indian company to start a tower infrastructure sharing business. It was India's largest consolidated tower infrastructure company, directly owning 95,372 towers as on 31 March 2020.
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₹2,112 crore (US$260 million) (2022) [2] 
