GECs
Viacom asks shareholders to reject ‘Mini-Tender’ offer by TRC Capital
MUMBAI: Canadian firm TRC Capital, which has been known for making “mini-tender” offers for stock in big companies at below-market prices, has now targeted Viacom Inc.
TRC Capital has made an unsolicited “mini-tender” offer to purchase up to 2.5 million shares of Viacom Class B common stock at a price of $38.88 per share, which is approximately 4.7 per cent below the closing price on 22 December, 2015, the day before commencement of the offer, and approximately 5.6 per cent below Wednesday’s closing price of $41.18. The offer is for approximately 0.72 per cent of the outstanding Class B shares of Viacom common stock as of 4 November, 2015.
Viacom says that it does not endorse TRC’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares.
The media behemoth has recommended that shareholders exercise caution with respect to TRC’s unsolicited mini-tender offer, and notes that the offer price is below Viacom’s current share price. The company also noted that the offer is subject to the satisfaction of a substantial number of conditions, including the absence of any decrease in the market price of the company’s shares from the price on the date of the offer and the ability of TRC to finance the offer. If the market price of Viacom shares falls or TRC cannot obtain financing, TRC is permitted to terminate the offer and not purchase any shares.
“Viacom strongly encourages shareholders to obtain current market quotations for their shares, and to consult with their broker or financial advisor. Shareholders who already have tendered their shares are advised that they may withdraw their shares by providing the written notice described in the TRC offering documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. eastern time on Friday, 22 January, 2016,” the company said.
TRC Capital has made many similar mini-tender offers for the shares of other companies. Because TRC Capital’s mini-tender offer is for less than five per cent of Viacom’s outstanding shares, it is not subject to many of the disclosure and procedural requirements of the Securities and Exchange Commission (SEC) that are designed to protect investors. The SEC has cautioned investors about mini-tender offers, noting that “some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”
GECs
ZEEL overhauls sales structure to chase growth across TV and digital platforms
New structure sharpens digital push as viewing habits fragment fast
MUMBAI: Zee Entertainment Enterprises Ltd. is reshuffling its sales playbook as it looks to keep pace with a fast-changing media landscape, where audiences are scattered, screens are multiplying and advertisers are following the data.
According to media reports, the rejig is anchored in the company’s push to build a more integrated, data-led monetisation engine, one that can straddle both traditional television and fast-growing digital platforms with equal ease.
At the heart of the move is a reworked sales architecture designed to deliver cross-platform solutions. With connected TV gaining ground and digital consumption surging, ZEEL is aligning its teams to move quicker, think broader and sell smarter.
The restructuring is being led by chief operating officer, advertisement revenue, Sandeep Mehrotra, at a time when the company says it is seeing tremendous growth. The idea is simple: match the right talent to the right opportunity in a market that is anything but static.
As part of the overhaul, several long-serving executives have been elevated to chief sales officer roles across regions and content clusters. Sanjoy Chatterjee will head the east market, while Gunjarav Nayak takes charge of the west along with high-margin verticals such as hmg, brand works, intellectual properties and digital sales. Rajnish Gupta will oversee bengaluru and chennai markets alongside the kannada and tamil clusters.
In other key moves, Divjyot Dhanda will lead hyderabad and kochi markets and manage zee tv, zee keralam and the telugu cluster. Roshan Vasu Kotian will supervise a diverse portfolio including Zee Marathi, &tv, Zee Punjabi, Zee Anmol, Big Magic and Zee Biskope.
The company is also strengthening its bench, appointing national sales heads across retail, regional clusters, digital and brand solutions. Ankur Kapila’s appointment to lead digital sales signals a sharper push into a segment that continues to outpace traditional formats.
Behind the scenes, dedicated strategy and operations roles have been carved out for both linear and digital businesses. Nitin Shetty, Rajkiran Shrivastav and Priya Nambiar will take on key responsibilities to ensure the new structure runs with precision.
The broader aim is clear. ZEEL wants a bigger slice of advertising budgets that are steadily drifting towards digital and connected TV ecosystems. By integrating its offerings, the company hopes to deepen client relationships while unlocking new revenue streams.
The new structure takes effect immediately, with Mehrotra continuing to report to chief executive officer Punit Goenka and steer the company’s advertising revenue strategy. Senior executive Laxmi Shetty will support the transition, with her revised role expected to be announced soon.
In a market where content is everywhere but attention is scarce, ZEEL’s latest move is less about rearranging the org chart and more about staying in the game.
