ZEE Entertainment Enterprises Limited (ZEEL) has acquired ZEE Studios for Rs 275 crore.
The acquisition of the film production and distribution business, will be complete in two months.
In a regulatory filing, the company said, “This is to inform you that the Board of Directors of the Company at the meeting held today i.e. December 17, 2020, have approved the acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios Limited (formerly known as Essel Vision Productions Limited), a wholly-owned subsidiary of the Company, for a cash consideration, on such terms and conditions as contained in the Business Transfer Agreement (‘BTA’).”
ZEE Studios Limited is a wholly-owned subsidiary of the company. The turnover of the film production and distribution business as of 31st March 2020 stood at Rs. 124.11 crore.
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