GECs
Zee takes 33 % stake in Padmalaya Telefilms
While the talk around Zee Telefilms is whether AOL Time Warner will acquire a strategic stake in Subhash Chandra’s company, the media baron seems to be on an acquisition spree of his own.
Hardly had the dust settled on Zee’s buyout of ETC Networks Ltd (which runs channel etc and etc Punjabi), it was announced yesterday that Zee is acquiring a 32.8 per cent strategic stake in Padmalaya Telefilms Ltd (PTL). This is being done through the acquisition of a 64.3 per cent stake in PTL’s holding company, Padmalaya Enterprises Pvt Ltd (PEPL).
ZTL will pay Rs 590 million in an all cash deal for the 32.8 per cent stake in PTL and includes a preferential allotment to be made by PTL to PEPL, and a mandatory 20 per cent open offer the holding company will have to make following the change in the ownership of promoters’ holding. The preferential allotment will be at a price of Rs 142.20 per share and the open offer will be at the price of Rs 148.50 per share. ZTL has entered into an MoU with PTL for this acquisition.
“With this deal Zee will get access to Padmalaya’s film library of 300 movies and 1,500 hours of TV software useful for sourthern markets and allows us to consolidate PTL financial’s with ZTL’s balance sheet,” Chandra has been quoted as saying.
ZTL will hold 64.3 per cent in the holding company while PTL’s present promoters, Seshagiri Rao and his family, will hold 36 per cent. PTL has convened an extraordinary general meeting (EGM) of PTL on March 27 to seek shareholder approval for the preferential allotment.
Subsequent to this preferential allotment, PEPL will make an open offer (to be funded by ZTL for Rs 320 million) to the shareholders of PTL at a price of Rs 148.5 per share to acquire an additional 20 per cent stake in PTL. Post-preferential allotment and open offer, PEPL’s holding in PTL will be 51 per cent. ZTL and the promoters of PTL would jointly control management of PTL. Both Zee and PTL have the right to appoint nominees on the board of PTL relative to their respective shareholding PTL and PEPL.
Zee’s acquisition of PTL creates an entertainment powerhouse with strengths in animation software, film production and distribution and television content. The synergising of the operations of the animation units of Zee and PTL will make it the largest animation filmmaker in Asia, the company claims.
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.
