GECs
Zee share price rises 20% after Invesco gives up corporate action
Mumbai: Zee Entertainment Enterprises Ltd (Zeel) witnessed the share price gain by 20 per cent on Thursday, after its largest shareholder Invesco Developing Markets Fund decided not to pursue corporate action against the company.
The tussle between the company and its shareholder came to a climax on Tuesday after the Bombay high court upheld Invesco’s requisition for an extraordinary general meeting of Zee’s board as legally valid. Soon after, Invesco declared that it would cease to pursue the EGM and that the HC ruling was an important reaffirmation of “shareholder rights.”
Zeel’s management and Invesco have been engaged in a legal battle for control of the company’s board since October 2021. However, Invesco has reversed gears amidst the ongoing Zeel-Sony merger transaction that is taking place. When completed, this will be the biggest M&E acquisition in the country.
Zeel and Sony Pictures Networks India had signed definitive agreements to merge in December. Once the merger is completed, Sony Pictures Entertainment, the parent of SPN India, will indirectly hold a majority 50.86 per cent of the combined entity and the promoters of Zeel will hold 3.99 per cent. Other shareholders will hold a 45.15 per cent stake. Zeel MD and CEO Punit Goenka will take on the role of MD and CEO of the combined entity for the next five years.
“Since we announced our intention to requisition an EGM and add six independent directors to Zee’s Board of Directors, Zee has entered into a merger agreement with Sony,” said Invesco, commenting on the deal. “We continue to believe this deal in its current form has great potential for Zee shareholders. We also recognise that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company.”
The Zeel-Invesco dispute began when the media company’s top two investors Invesco Developing Markets Fund and OFI Global China Fund LLC, with a combined stake of ~18 per cent stake in the Zeel, sent a requisition notice to the board on 11 September 2021, calling for an EGM.
The investors sought the removal of long-standing directors and close associates of the promoters from the board following which two independent directors Ashok Kurien and Manish Chokhani submitted their resignations. Invesco also sought the removal of Punit Goenka.
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.
