Speculation is rife about Mukesh Ambani’s Reliance Jio having acquired a major stake in ZEE Entertainment Enterprises Limited (ZEEL).
Since last night, the industry has been abuzz about the news. However, neither party has commented about the rumours at this stage.
ZEEL has been on the hunt for a “global strategic partner” over the last few months. In November last year, ZEEL promoters said that they would divest up to 50 per cent of their stake to a “global strategic partner.” A number of names are said to be in the fray for the acquisition including Sony Pictures Networks, Amazon, Apple, Tencent, AT&T, Singtel and Comcast.
Yesterday, it was revealed that management at Essel Group (parent company of ZEEL) had secured a formal consent with lenders, which are having a pledge on shares held by the promoters in ZEE Entertainment Enterprises Limited and Dish TV India Limited. The lenders have agreed that there will not be any event of default declared till 30th September 2019, due to the movement in the stock price of Essel Group’s mentioned listed corporate entities.
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