GECs
RTL Group joins forces with CBS Studios International
MUMBAI: The RTL Group is joining forces with CBS Studios International to launch two channels, one focused on general entertainment and the other featuring reality, action and extreme sports, across South East Asia.
RTL Group began targeting Asia in 2011, partnering with Reliance Broadcast Network to launch the BIG RTL Thrill network in India in 2012. CBS Studios International also has a partnership with Reliance in India for three channels: BIG CBS Prime, BIG CBS Spark and BIG CBS Love.
The RTL-CBS venture, RTL CBS Asia Entertainment Network, will be based in Singapore, reporting to a board featuring representatives from both companies. It will operate RTL CBS Entertainment, slated for a September 2013 launch, delivering shows like FremantleMedia’s The X Factor, America’s Got Talent and Celebrity Apprentice and CBS’s Elementary and Under the Dome. In spring 2014, RTL CBS Extreme will roll out offering action/adventure, reality series and extreme sports, such as NCIS: Los Angeles, Hawaii Five-0 and Fear Factor. The channels will have ongoing access to content from FremantleMedia and CBS Studios International.
RTL Group co-CEO Guillaume de Posch said, “We are delighted to team up with CBS Studios International. By joining forces with such a renowned global partner, we are continuing our tried-and-tested build strategy, expanding our business to more countries in Asia with high growth potential. CBS is a highly creative and professional organisation with world-leading content which complements FremantleMedia’s catalogue very well. I am very confident that this venture will benefit strongly from the combined broadcasting and production expertise of both parties.”
CBS Global Distribution Group president and CEO Armando Nu?ez added, “This is another opportunity to use CBS’s internationally successful content to be part of a new channel venture in one of the world’s fastest growing TV regions. It’s even better to do it with a best-in-class partner such as RTL Group, one of the most accomplished and respected broadcasters anywhere. We’re excited to create an additive way to monetise our content in Asia and provide audiences throughout the region the best television from two of the world’s most successful programming companies.”
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.
