GECs
ZEE Entertainment to sell up to 11% promoters’ stake to Invesco Oppenheimer Fund for Rs 4,224 crore
MUMBAI: Essel Group, on Wednesday, announced that Invesco Oppenheimer Developing Markets Fund has agreed to make an additional investment in ZEE Entertainment Enterprises Ltd. (ZEEL). Oppenheimer Fund has agreed to buy up to an 11% stake in ZEEL from its promoters, for a total consideration value of up to Rs. 4,224 Crore.
Essel Group had initiated the process of divesting its key assets, with an aim to repay all the lenders by September 2019. During this divestment process, the Group has received positive response from multiple partners expressing interest to buy the stake in ZEEL and the other key Non Media Assets.
Speaking on this development, ZEEL MD and CEO Punit Goenka said “I’m extremely glad to share that the Fund as a Financial Investor has further reposed its faith in ZEEL. It also gives me immense pleasure to note their strong belief and trust in the intrinsic value of our precious asset. It is the valuable belief and support of our esteemed financial investors that enables us to consistently generate great value, year after year”.
The announcement of 11% stake sale of ZEEL to Oppenheimer Fund is a strong step in the overall divestment process, giving the promoters the required financial fillip to initiate the repayment process.
The Invesco Oppenheimer Developing Markets Fund, which is an investment company registered with the US Securities & Exchange Commission, has a long history of investing in India as a financial investor. It has been a financial investor in Zee Entertainment Enterprises Ltd. since 2002.
Along with ZEEL, Essel Group is also in the process of divesting some of its Non-Media Assets. Essel Group is confident to complete the overall process of repayment, well within the agreed timeline.
GECs
Samsung TV Plus launches Kings of Comedy channel
New free FAST channel brings iconic Hindi comedy shows to millions of Samsung Smart TV owners.
MUMBAI: Samsung TV Plus has just turned up the laughter volume and it’s completely free. The leading free ad-supported streaming television (FAST) service in India has launched Kings of Comedy, a premium comedy channel featuring some of the country’s most beloved primetime shows. Available exclusively on Samsung TV Plus, the channel delivers back-to-back hits including Comedy Nights with Kapil, Khatra Khatra Khatra, and Comedy Nights Bachao, with no login or subscription required.
The launch marks a milestone for free streaming in India, offering audiences a dedicated comedy destination directly from their Samsung TV home screen. It arrives as Samsung TV Plus India celebrates its 5th anniversary, during which the service has grown its monthly active users by 42 per cent and more than doubled its total viewing hours. The platform now offers over 180 free channels across 14 languages.
Samsung TV Plus India general manager and head of business development Kunal Mehta said, “Comedy is the heartbeat of Hindi entertainment, and Kings of Comedy brings together the shows Indians already love, completely free on their Samsung TV. Our focus remains the same take the content people know and make it effortless to access.”
Globally, Samsung TV Plus has surpassed 100 million monthly active users across more than 4,500 channels, solidifying its position as one of the world’s leading free streaming services.
Kings of Comedy is now available on all compatible Samsung Smart TVs. For viewers seeking non-stop laughter without any cost, this new channel delivers a royal treat proving that sometimes the best entertainment really does come with no strings (or subscriptions) attached.
