GECs
MGM launches second Korean channel
LOS ANGELES: MGM Networks has announced that it has signed a distribution agreement for the MGM Plus channel. This is a second branded network which will be carried on South Korea’s Skylife DTH satellite service.
In India the broadcaster has a JV with Zee. MGM Plus will complement the existing MGM Channel with a different mix of programming from MGM’s storied film library and select local Korean productions. An official release informs that both networks will be carried on Skylife, the country’s first direct-to-home satellite TV service. Skylife will air the MGM networks 24*7 in Korean.
MGM Networks’ executive VP Bruce Tuchman said, “Since the launch of our first Korean channel last year, we have seen impressive subscriber growth and developed a strong connection with viewers. In launching a second localised channel in South Korea, we will build on those accomplishments. We’re particularly excited about our progress so far because MGM has earmarked Asia as a key growth region.”
The launch of a second South Korean channel is the latest of several recent MGM Networks announcements, including the MGM Channel’s Hong Kong launch and a strategic alliance with CNBC Asia Pacific. MGM Networks has been expanding quickly worldwide, its channel interests more than quadrupling the past two years to about 100 countries on six continents.
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.
