GECs
Viacom will strengthen CBS television unit
From January Viacom will integrate the UPN and CBS Broadcast Networks under CBS Television Unit. CBS Television also includes Viacom’s 34 stations; CBS Entertainment, CBS News, CBS Sports; and the network’s distribution unit, CBS Enterprises.
Viacom is a leading global media company. It’s well-known brands include CBS, MTV, Nickelodeon, and c.
Viacom’s president and chief operating officer Mel Karmazin said: “Today’s announcement is the culmination of a process that began with the merger of Viacom and CBS. With sole ownership and key long-term affiliation agreements in place, and with 2001 upfront and season launches that resulted in higher revenues and ratings, there is no better time to bring UPN together with CBS, which is also enjoying one of the best years in its history.”
UPN premiered on 16 January 1995 as a two-night network in 96 markets. Today, UPN broadcasts programming on five nights, with 84 per cent primary coverage. Viacom is looking to cut costs by streamlining and bringing new efficiencies to the broadcast business. At the same time CBS and UPN will continue to be broadcast free, over-the-air .
UPN has managed to assemble a strong and geographically diverse group of affiliates. The company also created a successful lineup with bold programming development and acquisitions. Thus a distinct network identity was built. UPN claims that ratings are up on four out of five nights and the key building blocks for continued success are in place. UPN is confident of building on this strength through the efficiencies and additional resources available under the CBS umbrella.
Through this initiative the CBS Television group believes that it can increase advertising sales while building on its track record of bringing distinctive and successful programming to the screen.
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
