GECs
Viacom acquires Awesomeness TV
MUMBAI: Viacom is acquiring Awesomeness TV Holdings, a media company and digital-first destination for original programming which will go live under Viacom Digital Studios (VDS) and play an important role in Viacom’s premium content production ecosystem, drive additional growth at VDS, and strengthen digital and social relationships in youth culture.
Viacom already has strong audience connections with kids via Nickelodeon and young adults via MTV. While VDS has been growing briskly – more than tripling digital streams since 2016 and doubling YouTube subscribers over the past year, as total social views and watch time soared by 112 and 104 per cent, respectively. Awesomeness’ dedicated sales force, branded content studio, and existing relationships with brands such as Hollister, Gatorade and Invisalign will further drive VDS’ growth and profitability.
VDS president and chief business officer of Awesomeness Kelly Day said, “Awesomeness has done an incredible job building their brand into a digital media powerhouse for todays most sought-after and hard-to-reach youth audiences. The team brings strong digital expertise, deep connections with top talent and influencers, and a robust branded content studio and creative agency that will accelerate the growth and scale of VDS.”
With distribution deals with major SVOD players and its own Emmy-winning, youth-focused studios that have produced 200 hours of long-form television and feature film content, Awesomeness’ proven content development and production abilities are good fit for Viacom, which has moved deliberately to ramp up its capabilities in this area recently: consolidating several operations across the Americas into Viacom International Studios to service global markets; moving to a studio model under which Nickelodeon, MTV and other brands will licence and produce shows based on intellectual property for third-party platforms; and building paramount pictures’ paramount television production arm from scratch into a $400-million-and-growing annual business.
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.
