ZEE Entertainment’s promoters to sell up to 50% stake

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The promoters of ZEE Entertainment Enterprises Limited are reportedly considering the sale of up to 50% stake.

Times Of India say that “Subhash Chandra and family along with its advisors met in Mumbai over the Diwali weekend” and decided to offload up to half of its promoter holding of about 42% in flagship Zee Entertainment Enterprises Ltd (ZEEL), as part of a “strategic review of its businesses in the changing global media landscape”.

Chandra’s son Punit Goenka, ZEEL’s managing director & CEO told the publication, “The company has been doing well in its domestic business but given our global ambitions, we are looking for a partner with expertise in technology,”

He added, “Gone is the time when we could do it on our own. From a content company, we want to become a content and technology company.”

Goldman Sachs has been appointed to scout for suitors. The outcome is expected to be concluded by March-April 2019.

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