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Zee Entertainment to cut 15% of workforce in cost-cutting move

<h2>Earlier, Managing Director and CEO Punit Goenka also opted for a 20% reduction in his remuneration</h2>

ZEE Entertainment Enterprises Ltd on Friday said its MD &amp; CEO Punit Goenka has initiated a process of rationalisation of workforce by 15 per cent to prune staff strength across the company.
In a regulatory filing, ZEE Entertainment Enterprises Ltd (ZEEL) said Goenka has proposed a lean organisation structure to the board with a lateral structure while identifying broadcast, digital, movies and music as core business units.
"In line with his overall strategic approach, the MD &amp; CEO has initiated the process of rationalisation of the workforce by 15 per cent, that will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future," the company said.
As per ZEEL's annual report for 2022-23, the number of permanent employees on the roll of the company is 3,437.
ZEEL said the proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus.
"It will further enable the company to chart higher growth by maintaining a keen eye on performance and profitability, thereby seamlessly executing its strategic priorities as required for a content creation company," the filing said.
The proposed team structure will foster a more collaborative performance-oriented culture, it added.
"In the lateral structure, the MD &amp; CEO has also proposed the elevation of certain team members across businesses, in order to provide them a higher level of responsibilities; besides him assuming direct charge of the critical business verticals leading to cross functional collaboration, quick decision making and higher productivity levels," the company said.
ZEEL, however, said the detailed composition of the new operating structure will be announced after seeking the required approvals and guidance from the board.
"Building a simplified, lateral structure for the company, will ensure that we maintain a sharp focus on performance and profitability as the key growth drivers, and the structure proposed to the board is in line with this core thought. The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward," Goenka said.

As per the company's annual report for 2022-23, the total remuneration paid to Goenka was Rs 35.07 crore

ZEE Ent Enterprises MD, CEO Punit Goenka takes 20% pay cut

<h2>As per the company's annual report for 2022-23, the total remuneration paid to Goenka was Rs 35.07 crore</h2>

ZEE Entertainment Enterprises Ltd on Tuesday said its Managing Director and CEO Punit Goenka has decided to take a 20 per cent cut in his remuneration, in line with the strategic and frugal approach implemented across the organisation.
The management of the company, under the leadership of Goenka, is implementing all the required measures across verticals to optimise costs and enhance productivity, ZEE Entertainment Enterprises Ltd said in a regulatory filing.
As per the company's annual report for 2022-23, the total remuneration paid to Goenka was Rs 35.07 crore.
He said the organisation is sharply focused on adopting a frugal approach, as it moves forward towards the set goals for the future.
"While I am in the process of implementing the required steps and actions across all the verticals of the company, I intend the required change in mindset, to begin from my desk," he said while announcing his decision to take a pay cut of 20 per cent.
He further said it is imperative to adapt as per the situation and at this point in time, 'accountability and agility' are the need of the hour. Every employee of ZEE, works and functions with an entrepreneurial approach, as a partner and a co-owner of the company.
"It is this DNA of the institution that will enable us to achieve the set targets. I must add that this voluntary decision is limited to me on a personal front," he said.
ZEEL said its board, chaired by R Gopalan, has instituted the required measures to guide and mentor the management on a regular basis to enable the team to achieve its set goals.
The institution of the 'Independent Investigation Committee' and the 'Monthly Management Mentorship (3M) Program' are the steps taken by the Board, keeping the interest of all the shareholders of the company at the fore, it added.
Last week, ZEEL announced that it has "pruned" its Technology and Innovation Centre (TIC) staff by about 50 per cent, following the guidance of a special committee, which had conducted a critical assessment of its several business verticals.
Though the company did not share the exact number of employees impacted by the move, ZEEL in its latest annual report said, "The centre has over 650 engineers who give us an unparalleled edge in the race to win the digital ecosystem".

Zee Entertainment CEO Punit Goenka expressed his sentiments on Monday after Sony officially terminated the merger with Zee's India unit. Taking to X, Goenka referred to the failed merger as a 'sign from the lord.'

Zee-Sony merger saga: Punit Goenka says deal termination is a 'sign from the Lord'

Zee Entertainment CEO Punit Goenka expressed his sentiments on Monday after Sony officially terminated the merger with Zee's India unit. Taking to X, Goenka referred to the failed merger as a 'sign from the lord.'

Zee Entertainment Enterprises CEO Punit Goenka expressed his sentiments on Monday after Sony officially terminated the merger with Zee's India unit. Taking to X (formerly Twitter), Goenka referred to the failed merger as a 'sign from the lord.'
Arriving at Ayodhya for the auspicious occasion of Pran Pratishtha, Goenka received the news that the two-year effort to merge Zee with Sony had collapsed. Despite his dedicated efforts, the deal could not materialize, Goenka said. He also said &ldquo;I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat&rsquo;s pioneering M&amp;E Company, for all its stakeholders." 
<blockquote class="twitter-tweet">
As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts. I believe this to be a sign from&hellip; <a href="https://t.co/gASsM4NdKq">pic.twitter.com/gASsM4NdKq</a>
&mdash; Punit Goenka (@punitgoenka) <a href="https://twitter.com/punitgoenka/status/1749335261656531069?ref_src=twsrc%5Etfw">January 22, 2024</a></blockquote>
&nbsp;
Sony Group from Japan officially communicated the termination of the merger through a letter sent to Zee Entertainment Enterprises Ltd (ZEEL). The termination followed the expiration of a 30-day grace period over the weekend. During this period, the two parties failed to reach an agreement on the deadline set in late December.
The collapse of the merger has raised questions about the future strategic direction of both Zee and Sony in the competitive media and entertainment industry. Punit Goenka's commitment to moving forward positively and focusing on strengthening Zee reflects his determination to navigate the challenges and uncertainties that lie ahead for the media conglomerate.

Zee Entertainment plans to take legal action against Sony Group following the abrupt termination of their merger deal. Sony, through its subsidiary SPNI, officially ended the agreement and sought $90 million in termination fees. 

Zee-Sony saga: Zee set to take legal action as Sony seeks $90 mn termination fee for breach of agreement

Zee Entertainment plans to take legal action against Sony Group following the abrupt termination of their merger deal. Sony, through its subsidiary SPNI, officially ended the agreement and sought $90 million in termination fees.

Zee Entertainment has declared its intent to pursue legal action against Sony Group, the Japanese multinational, following the abrupt termination of their proposed merger deal. This deal, announced in 2021, aimed to amalgamate Sony's India operations through Culver Max Entertainment with Zee Entertainment, forming India's largest broadcasting entity.
Sony Group Corporation, through its subsidiary SPNI, issued a notice on Monday officially ending the definitive agreements related to the merger. The termination included a request for $90 million in termination fees from Zee, a demand that the Indian media company vehemently refutes.
Zee Entertainment, in a stock exchange filing, stated, "The company categorically refutes all claims and assertions made by Culver Max and BEPL regarding alleged breaches of the MCA by ZEEL, including their claims for the termination fee, and reserves all its rights in this matter."
Zee further asserted its commitment to safeguarding the long-term interests of stakeholders, expressing its intention to explore all available options, including legal avenues, to contest Culver Max and BEPL&rsquo;s claims in the arbitration proceedings. Zee-Sony merger leadership issues&nbsp;
During a detailed discussion at their January 22 board meeting, Zee revealed that despite multiple efforts to implement the merger scheme and extension discussions with Culver Max and BEPL, a resolution could not be reached. Punit Goenka, MD &amp; CEO of ZEEL, expressed a willingness to step down in the interest of the merger, proposing various measures for the benefit of both companies.
However, these discussions failed to yield a viable proposal, leading to Sony's decision to terminate the agreement rather than pursue a modified scheme. Zee Entertainment is now evaluating its next steps, aiming to uphold the interests of its directors and shareholders in the face of this unexpected turn of events. Also Watch: <a href="https://www.editorji.com/business-news/markets/sony-zee-merger-called-off-sony-ends-talks-with-zee-due-to-dispute-over-leadership-of-merged-entity-1705910814762">Sony-Zee merger called off: Sony ends talks with Zee due to dispute over leadership of merged entity</a>

This development follows a pause in discussions back in November, marked by Sony's insistence that their executive take the helm of the merged company in lieu of Goenka. The deadline was prolonged by a month still the disparities continued

Sony-Zee merger called off: Sony ends talks with Zee due to dispute over leadership of merged entity

This development follows a pause in discussions back in November, marked by Sony's insistence that their executive take the helm of the merged company in lieu of Goenka. The deadline was prolonged by a month still the disparities continued

In a recent development, Sony Group Corp of Japan has officially terminated the proposed merger with Zee Entertainment Enterprises Ltd (ZEEL), as confirmed in a statement released by Sony. The termination notice was dispatched to Zee early on Monday.
The decision to call off the merger stems from the failure to meet the closing conditions within the stipulated time frame. Sony explained, "The Merger did not close by the End Date as, among other things, the closing conditions to the Merger were not satisfied by then." Sony Pictures Networks India Private Ltd (SPNI), Sony's India unit, had engaged in discussions to extend the End Date in good faith, but an agreement was not reached before the expiration of the Discussion Period.
According to Sony, the definitive agreements outlined provisions for discussing an extension of the End Date if the merger did not close within twenty-four months from the signature date. The termination letter was issued following the conclusion of a 30-day grace period, during which the two parties could not reach a consensus on the deadline set in late December.
Reports on January 19 had hinted at Sony's intention to abandon the $10-billion merger after more than two years of negotiations. The breakdown of the deal was attributed to the failure of the media giants to agree on leadership for the combined entity. Sony was reportedly disinclined to have Zee's Punit Goenka lead the entity.
This move comes after the talks stalled in November when Sony insisted that its executive lead the merged company instead of Goenka. The deadline was extended by a month, but the differences between the two companies persisted. A source familiar with the developments stated, "After two years and multiple meetings and late-night calls, there is absolutely no meeting of minds anymore in this proposed merger." Sony's stance on Goenka's potential role due to an ongoing investigation further contributed to the breakdown of negotiations. In response, Zee Entertainment announced its intention to pursue legal action against Sony Group, as reported by Reuters. Also Watch: <a href="https://www.editorji.com/business-news/sony-may-call-off-10-billion-merger-with-zee-amid-leadership-conflict-report-1704718578169#google_vignette">Sony may call off $10 billion merger with Zee amid leadership conflict: Report</a>

Zee and Sony are finally merging and creating an entertainment giant in India amidst a bitter shareholder battle between Zee and shareholder Invesco.

ZEE-Sony Merger Deal: Zee Sony sign on dotted line for merger, will be a listed company in India

Zee Sony sign on dotted line for merger, will be a listed company in India

Zee Sony Merger 

Zee&rsquo;s founding family had been embroiled in a bitter battle with Invesco, its largest shareholder.

Zee&nbsp;Entertainment and Sony Pictures are finally merging and creating an entertainment giant in India amidst a bitter shareholder battle between Zee and shareholder Invesco.
<h3>Here are the details of the Zee&nbsp;Entertainment and Sony Pictures merger- :&nbsp;</h3>
&nbsp;&bull;&nbsp;ZEE will merge into <a href="https://www.editorji.com/story/sony-saves-zee-s-punit-goenka-board-approves-mega-merger-1632286064552" target="_blank">Sony Pictures</a>
&nbsp;&bull; Closing of the transaction is subject to shareholder approval&nbsp;
&nbsp;&bull; Founders of Zee&nbsp;just have 4% stake, while disgruntled shareholder Invesco&nbsp;holds 18%
&nbsp;&bull;&nbsp;Zee&rsquo;s founding family had been embroiled in a bitter battle with Invesco, its largest shareholder for the past three months
&nbsp;&bull;&nbsp;SPE will indirectly hold a majority of 50.86% of the merged company, while <a href="https://www.editorji.com/business-news/zee-sony-sign-on-dotted-line-for-merger-will-be-a-listed-company-in-india-1640146649358" target="_blank">ZEE </a>promoters will hold 3.99%. Existing shareholders will hold a 45.15% equity stake in the merged company.
&nbsp;&bull;&nbsp;<a href="https://www.editorji.com/business-news/markets/puneet-goenka-flies-to-la-will-zee-seal-the-merger-with-sony-1638507071161" target="_blank">Puneet Goenka</a> to continue as CEO&nbsp;&amp; MD of the merged entity&nbsp;
&nbsp;&bull; Will create India&rsquo;s second-largest entertainment network by revenue
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/urban-company-women-workers-protest-against-new-work-systems-get-penalised-with-lawsuits-1640142947594" target="_blank">Urban Company: Women workers protest against new work systems; get penalised with lawsuits</a>

Enter Reliance! The Zee&nbsp;story just got a blockbuster twist to it with it's largest shareholder Invesco disclosing that a merger with&nbsp;Mukesh&nbsp;Ambani&nbsp;backed Reliance was proposed to Zee&nbsp;management in February. The disclosure comes as Punit&nbsp;Goenka, MD &amp; CEO of Zee&nbsp;Ent&nbsp;in a 6-page letter to the exchanges claimed that Invesco&nbsp;wanting to push a merger with a 'large Indian group' was acting against him as he rejected the said proposal.&nbsp;Invesco&nbsp;spokesperson stated "We wish to make clear that the potential transaction proposed by Reliance (the &ldquo;Strategic Group" referenced but not disclosed in the 12 October 2021 communication by Zee) was negotiated by and between Reliance and Mr. Goenka and others associated with Zee&rsquo;s promoter family. The role of Invesco, as Zee&rsquo;s single largest shareholder, was to help facilitate that potential transaction and nothing more."Disputing&nbsp;Goenka's claim that the merger was rejected as it was a loss for Zee&nbsp;shareholders the US based investment firm said,&nbsp; "The implication that we as a shareholder would seek out a transaction for Zee that is dilutive to the long-term interests of ordinary shareholders, including ourselves, simply defies logic."Zee's&nbsp;disclosure&nbsp;comes less than a day after Justin Leverenz, chief investment officer of Invesco Developing Markets Equities, wrote an open letter to shareholders of Zee, raising concerns over the proposed $1.6 billion takeover by Sony.

Kahani mein twist! Reliance eyed merger with Zee, Disclosures galore from Inveso & Goenka

Zee, Reliance, Sony, Invesco! The star cast of the blockbuster saga Zee is scripting on Dalal Street, shareholders await the climax. 

Zee, Reliance, Sony, Invesco! The star cast of the blockbuster Zee saga 

Invesco rejects Zee&rsquo;s claim that proposed deal was dilutive for shareholder

Enter Reliance! The Zee&nbsp;story just got a blockbuster twist to it with it's largest shareholder Invesco disclosing that a merger with&nbsp;Mukesh&nbsp;Ambani&nbsp;backed Reliance was proposed to Zee&nbsp;management in February. The disclosure comes as Punit&nbsp;Goenka, MD &amp; CEO of Zee&nbsp;Ent&nbsp;in a 6-page letter to the exchanges claimed that Invesco&nbsp;wanting to push a merger with a 'large Indian group' was acting against him as he rejected the said proposal.&nbsp; Invesco&nbsp;spokesperson stated "We wish to make clear that the potential transaction proposed by Reliance (the &ldquo;Strategic Group" referenced but not disclosed in the 12 October 2021 communication by Zee) was negotiated by and between Reliance and Mr. Goenka and others associated with Zee&rsquo;s promoter family. The role of Invesco, as Zee&rsquo;s single largest shareholder, was to help facilitate that potential transaction and nothing more." Disputing&nbsp;Goenka's claim that the merger was rejected as it was a loss for Zee&nbsp;shareholders the US based investment firm said,&nbsp; "The implication that we as a shareholder would seek out a transaction for Zee that is dilutive to the long-term interests of ordinary shareholders, including ourselves, simply defies logic." Zee's&nbsp;disclosure&nbsp;comes less than a day after Justin Leverenz, chief investment officer of Invesco Developing Markets Equities, wrote an open letter to shareholders of Zee, raising concerns over the proposed $1.6 billion takeover by Sony.

The Zee&nbsp;saga is turning out to be a showstopper for shareholders, the script now sees the entry of behind the scene 'operator' as claimed by&nbsp;Punit Goenka. The MD &amp; CEO&nbsp;of Zee&nbsp;Entertainment in a 6 page letter to the stock exchanges states that Invesco&nbsp;the largest shareholder of the company, which is seeking his removal from the board &ndash; had approached him in February with a proposed merger with &ldquo;a large Indian group&rdquo;.
&ldquo;The deal was first presented to me over a call scheduled on 23 February 2021 at 6pm IST, with Mr. Aroon Balani and Mr. Bhavtosh Vajpayee," said a note written by Goenka, disclosed by Zee. According to the note, under the proposed deal, structured by Balani, who is a vice-president at Invesco, and Vajpayee, a technology analyst at Invesco, Zee was to merge with &ldquo;certain entities owned by a large Indian group (Strategic Group)".
The letter, however, didn&rsquo;t mention the name of the group.
However, Goenka said he rejected the deal after expressing his &ldquo;apprehension&rdquo; to Invesco that the merging entities of the strategic group were over-valued and it would have resulted in a loss to the Zee stakeholders
Zee&nbsp;in it's disclosure of this deal also points out that Invesco&nbsp;via the proposed merger wanted to retain&nbsp;Punit Goenka&nbsp;as the&nbsp;MD &amp; CEO&nbsp;of the company, unlike their strict opposition to him holding that post now just 6 months down the line.&nbsp;Zee&nbsp;pointing back at Invesco&nbsp;stated that &ldquo;The board is constrained to conclude that Invesco's actions over the past few weeks, have been motivated by circumstances that are extraneous to the Company's business or performance, or issues of corporate governance or public interest.&rdquo;&nbsp;
&nbsp;

New twist in Zee saga; Punit Goenka claims 'large Indian firm' wants control via Invesco

Zee releases 6 page letter from Punit Goenka claims he rejected Invesco's demand for merger with 'large Indian group'. Is Invesco's demands to remove Goenka revenge tactic and scripted by a rival corporate?

Who is backing Invesco in the Zee fight?

A 6 page letter to the stock exchanges states that Invesco&nbsp;had approached Goenka in February with a proposed merger with &ldquo;a large Indian group&rdquo;.

The Zee&nbsp;saga is turning out to be a showstopper for shareholders, the script now sees the entry of behind the scene 'operator' as claimed by&nbsp;Punit Goenka. The MD &amp; CEO&nbsp;of Zee&nbsp;Entertainment in a 6 page letter to the stock exchanges states that Invesco&nbsp;the largest shareholder of the company, which is seeking his removal from the board &ndash; had approached him in February with a proposed merger with &ldquo;a large Indian group&rdquo;.
&ldquo;The deal was first presented to me over a call scheduled on 23 February 2021 at 6pm IST, with Mr. Aroon Balani and Mr. Bhavtosh Vajpayee," said a note written by Goenka, disclosed by Zee. According to the note, under the proposed deal, structured by Balani, who is a vice-president at Invesco, and Vajpayee, a technology analyst at Invesco, Zee was to merge with &ldquo;certain entities owned by a large Indian group (Strategic Group)".
The letter, however, didn&rsquo;t mention the name of the group.
However, Goenka said he rejected the deal after expressing his &ldquo;apprehension&rdquo; to Invesco that the merging entities of the strategic group were over-valued and it would have resulted in a loss to the Zee stakeholders
Zee&nbsp;in it's disclosure of this deal also points out that Invesco&nbsp;via the proposed merger wanted to retain&nbsp;Punit Goenka&nbsp;as the&nbsp;MD &amp; CEO&nbsp;of the company, unlike their strict opposition to him holding that post now just 6 months down the line.&nbsp; Zee&nbsp;pointing back at Invesco&nbsp;stated that &ldquo;The board is constrained to conclude that Invesco's actions over the past few weeks, have been motivated by circumstances that are extraneous to the Company's business or performance, or issues of corporate governance or public interest.&rdquo;&nbsp;
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/markets/twist-in-the-zee-saga-subash-chandra-speaks-out-asks-who-is-scripting-inveso-s-dissent-1633501436319" target="_blank">Subash Chandra speaks out, asks who is scripting Inveso's dissent</a>
&nbsp;

Who is really scripting the dissent that Invesco is voicing? That is the question Zee&nbsp;Subhash Chandra - Founder, Zee Entertainment Enterprises is asking as he makes a rare appearance as the Zee&nbsp;has a face-off with it's largest shareholder Invesco.&nbsp;

Twist in the Zee saga: Subash Chandra speaks out, asks who is scripting Inveso's dissent

Subhash Chandra makes a rare appearance as the Zee&nbsp;has a face-off with it's largest shareholder Invesco

Who is really scripting the dissent that Invesco is voicing? That is the question Zee&nbsp;Subhash Chandra - Founder, Zee Entertainment Enterprises is asking as he makes a rare appearance as the Zee&nbsp;has a face-off with it's largest shareholder Invesco.&nbsp; He pointed out that some media reports are 'falsely citing'&nbsp;Invesco's version to take on ZEEL MD &amp; CEO Punit Goenka. "These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD &amp; CEO Punit Goenka," Subhash&nbsp;Chandra said.
Also Watch:&nbsp;<a href="1631678275337" target="_blank">Zee Entertainment: Rakesh Jhunjhunwala buys 50,00,000 shares; BofA bets too</a>
US-based Invesco, on September 30, had moved a petition seeking convening of the EGM, removing the company's Chief Executive and Managing Director Punit Goenka as well as two other directors, and reconstituting the board with the appointment of six new directors.
The Board of Directors of ZEE Entertainment&nbsp;in its board meeting held on September 21, 2021, had unanimously provided in-principle approval for the merger between Sony Pictures Networks India and ZEE.

Sony Zee Merger News: Punit Goenka to remain MD & CEO of Zee Entertainment Ltd as Sony Pictures India comes to the rescue.

Sony Zee Entertainment Merger | Sony saves Zee's Punit Goenka, board approves mega merger

Blockbuster script by Zee&nbsp;, Sony debuts as saviour. Punit&nbsp;Goenka&nbsp;retained as companies sign mega merger.&nbsp;

Sony acquires Zee

Sony Zee Entertainment&nbsp;Merger:&nbsp;Zee board approves merger with Sony Pictures, Punit Goenka to remain MD &amp; CEO.

Punit Goenka&nbsp;to remain MD &amp; CEO&nbsp;of <a href="https://www.editorji.com/story/zee-entertainment-rakesh-jhunjhunwala-buys-50-00-000-shares-bofa-bets-too-1631678275337">Zee&nbsp;Entertainment Ltd</a> as Sony Pictures India&nbsp;comes to the rescue. The top executive who faced headwinds from Zee&nbsp;Ltd's&nbsp;biggest shareholder Invesco&nbsp;will remain in the position as Sony acquires a majority stake in the domestic entertainment giant.&nbsp;
<h3>Sony merger save for Zee</h3>
The Board of Directors of Zee Entertainment Enterprises Ltd in its board meeting held on September 21, 2021, unanimously provided in-principle approval for the merger between Sony Pictures Networks India&nbsp;&amp; Zee.
<h3>Zee-Sony merger deal details</h3>
As per the deal, Sony Entertainment will infuse over Rs 11,000 crore&nbsp;in the merged entity;&nbsp;47.07% of which will be held by Zee shareholders and the balance 52.93% of the merged entity to be held by Sony shareholders.&nbsp;
<h3>The broadcasting biggie</h3>
The combined entity will own 75 TV channels and more, making it the largest entertainment network in India, bigger than Star &amp; Disney India.&nbsp;Meanwhile, the promoters of the two companies will also sign certain non-compete arrangements as part of the transaction.
<h3>Better late, than sorry</h3>
It is noteworthy that Sony was shortlisted to acquire a stake in Zee&nbsp;in 2019 as well when Subhash&nbsp;Chandra was looking for a buyer.&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/story/who-is-the-real-winner-of-the-whole-zee-fiasco-1632289610804">Who is the real winner of the whole Zee fiasco?</a>

Rakesh&nbsp;Jhunjhunwala&nbsp;bought 50 lakh&nbsp;shares of Zee&nbsp;Entertainment on Tuesday, which calculates to almost half a percent stake in the company.
Jhunjhunwala's&nbsp;stock trading firm Rare Enterprises picked up Zee&nbsp;Entertainment shares at Rs 220.44, which means his total investment was more than Rs 110 crore. This comes on a day when the shares surged 40 percent as Zee&nbsp;Entertainment's shareholders demanded the removal of MD Punit&nbsp;Goenka&nbsp;over corporate governance issues.
Also read/watch: Zee shareholders want to throw out MD &amp; board members
The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.
BofA Securities Europe also acquired 48.65 lakh equity shares in Zee at Rs 236.2.

Zee Entertainment: Rakesh Jhunjhunwala buys 50,00,000 shares; BofA bets too

Rakesh&nbsp;Jhunjhunwala's Rare Enterprises and BofA together&nbsp;bought 1% stake in Zee&nbsp;Entertainment on a day the stock rallied over 40%

Rakesh Jhunjhunwala buys stake in Zee

The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.

Rakesh&nbsp;Jhunjhunwala&nbsp;bought 50 lakh&nbsp;shares of Zee&nbsp;Entertainment on Tuesday, which calculates to almost half a percent stake in the company.
Jhunjhunwala's&nbsp;stock trading firm Rare Enterprises picked up Zee&nbsp;Entertainment shares at Rs 220.44, which means his total investment was more than Rs 110 crore. This comes on a day when the shares surged 40 percent as Zee&nbsp;Entertainment's shareholders demanded the removal of MD Punit&nbsp;Goenka&nbsp;over corporate governance issues.
Also read/watch: <a href="https://www.edtr.ai/adhh" target="_blank">Zee shareholders want to throw out MD &amp; board members</a>
The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.
BofA Securities Europe also acquired 48.65 lakh equity shares in Zee at Rs 236.2.

Zee Entertainment, the management may be on it's way out but the bulls are moving it. The stock locked up in upper circuit has gained the most in 18 months.

Zee Entertainment: Stock of the day, brokerage bet on management coup, upgrade stock

Zee Entertainment: Stock&nbsp;up 20% as management coup leads to re-rating. Brokerages upgrade stock ahead of change of guard.&nbsp;

Zee Entertainment: Stock up 20%

Shareholder activism triggers re-rating with brokerages, Kotak&nbsp;upgrades stock to Buy

Zee&nbsp;Entertainment, the management may be on it's way out but the bulls are moving it. The stock locked up in upper circuit has gained the most in 18 months, the volumes is also over 30 times it's 20 day average.&nbsp;
<h3>What has happened with Zee&nbsp;Entertainment?</h3>
Shareholder activism triggers re-rating with brokerages as well as Invesco, the largest shareholder of Zee with a 17.9% stake, has sought an Extraordinary General Meeting to remove three directors including Mr Punit Goenka (MD &amp; CEO) and to appoint six independent directors.&nbsp;
Also Read:&nbsp;<a href="https://www.editorji.com/story/zee-entertainment-shareholders-want-to-throw-out-md-board-members-at-today-s-meet-1631591489236" target="_blank">Stock rallies 15% as shareholders want to throw out MD &amp; board members at today's meet</a>
<h3>What are brokerages saying on Zee&nbsp;Entertainment?</h3>
Kotak&nbsp;says&nbsp;weighs in on Zee Entertainment says irrespective of how this plays out, they expect a re-rating and have upgraded Zee to BUY, and revised the fair value of the stock to Rs 250/share.&nbsp;

Zee Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit Goenka

Zee Entertainment: Shareholders want to throw out MD & board members at today's meet

Shareholders vs Mgmt| Why Zee Ent MD is facing ouster by the shareholders at a meeting today.&nbsp; Use this&nbsp; #EJBiz&nbsp;This stock is up 15% as shareholders gear to oust board and MD&nbsp; #ZeeEntertainment&nbsp;#EGM&nbsp;

Shareholders vs Mgmt| Why Zee Ent MD is looking at being voted out

Zee&nbsp;Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit&nbsp;Goenka.

Zee&nbsp;Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit&nbsp;Goenka.&nbsp;Invesco also sought for a board recast and asked for the resignation of two independent directors&nbsp;Ashok Kurien and Manish Chokhani,&nbsp;both of whom appear to have resigned on Monday of their own accord.&nbsp; Infact&nbsp;proxy advisory firm Institutional Investors Advisory Services (IiAS) had raised serious&nbsp;corporate governance&nbsp;concerns in the company by asking shareholders not to vote for re-appointing Kuiren&nbsp;&amp; Chokhani&nbsp;on the company's board at the AGM. The current MD, Punit&nbsp;Goenka&nbsp;is the last promoter member on the Zee&nbsp;Ent&nbsp;board. The promoters, Subhash Chandra family own only 4 percent of the company and had to sell their stake to pay off the debt worth Rs 13,000 crore taken by the promoter entities of&nbsp;ZEEL&nbsp;after defaulting.
Invesco Developing Markets Fund and OFI Global China Fund&ndash;owned by American independent investment management company Invesco who together own 18% of the compay&nbsp;have&nbsp;sought an extraordinary general meeting (EGM) to vote on resolutions to remove the directors and induct six new independent board members.
Also Read:<a href="https://www.editorji.com/story/zee-entertainment-stock-of-the-day-brokerage-bet-on-management-coup-upgrade-stock-1631600738448" target="_blank">&nbsp;Zee Entertainment: Stock of the day, brokerage bet on management coup, upgrade stock</a> Founder of Zee&nbsp;Subhash Chandra stepped down in 2019 and accepted the blame for placing a series of mistimed and expensive infrastructure bets leading to losses for the firm.&nbsp; But <a href="https://www.editorji.com/topic/zee-entertainment-1599158864493750" target="_blank">Zee&nbsp;Entertainment</a> is not the only Zee&nbsp;promoter affiliated firm facing shareholder backlash.&nbsp;Dish TV which is run by Subhash&nbsp;Chandra's brother was also sent a similar communiqu&eacute;&nbsp;by their&nbsp;largest shareholder&nbsp;Yes Bank&nbsp;seeking the removal of the managing director Jawahar&nbsp;Goel and other independent directors over lapses in corporate governance.

Viacom18 Media&nbsp;and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from the industry.
Viacom18 is a joint venture between TV18 Broadcast Ltd (51%) and US-based ViacomCBS Inc. (49%). TV18 is a unit of Network18 Media and Investments Ltd, majority-owned by Mukesh Ambani&rsquo;s Reliance Industries Ltd (RIL).
Zee Entertainment Enterprises Ltd, founded by Essel Group&rsquo;s Subhash Chandra, is majority-owned by foreign institutional investors, including Investco Oppenheimer Developing Markets Fund and Ofi Global Fund China LLC. Essel Group&rsquo;s equity holding is down to 3.9%.

Viacom18, Zee Entertainment in talks for potential merger: Reports

Viacom18 Media&nbsp;and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from the industry.
Viacom18 is a joint venture between TV18 Broadcast Ltd (51%) and US-based ViacomCBS Inc. (49%). TV18 is a unit of Network18 Media and Investments Ltd, majority-owned by Mukesh Ambani&rsquo;s Reliance Industries Ltd (RIL).
Zee Entertainment Enterprises Ltd, founded by Essel Group&rsquo;s Subhash Chandra, is majority-owned by foreign institutional investors, including Investco Oppenheimer Developing Markets Fund and Ofi Global Fund China LLC. Essel Group&rsquo;s equity holding is down to 3.9%.

As India grapples with the second wave of Covid-19, Bollywood actor Salman Khan has pledged to donate a percentage of earnings from his upcoming film 'Radhe: Your Most Wanted Bhai' for Covid&nbsp;relief.
Salman along with Zee Entertainment has partnered with the NGO&nbsp;GiveIndia for relief work, and&nbsp;proceeds from the film will be used to procure medical equipment such as oxygen cylinders, concentrators and ventilators for those in need.
ZEE and Salman Khan Films will also provide support to daily wage workers of the entertainment industry whose livelihoods have been severely affected by the pandemic-induced lockdown.
'Radhe', which features Salman as an encounter specialist is all set to have a theatrical release on May 13 in over 40 countries and will also simultaneously stream on multiple platforms, including ZEE5&rsquo;s pay-per-view platform ZeePlex.&nbsp;

Salman Khan to donate 'Radhe' revenue for Covid-19 relief work

Salman Khan Films and Zee Entertainment have declared that a portion of the revenue generated by their upcoming film 'Radhe: Your Most Wanted Bhai' will go towards Covid-19 relief work

Salman Khan, ZEE to donate 'Radhe' revenue for Covid-19 relief work

Proceeds from 'Radhe' to go towards Covid-19 relief
Earnings will be used to buy oxygen cylinders, ventilators
Salman&nbsp;Khan to also support daily wagers in Bollywood
'Radhe' is slated to have a multi-format release on May 13
&nbsp;

As India grapples with the second wave of Covid-19, Bollywood actor Salman Khan has pledged to donate a percentage of earnings from his upcoming film 'Radhe: Your Most Wanted Bhai' for Covid&nbsp;relief.
Salman along with Zee Entertainment has partnered with the NGO&nbsp;GiveIndia for relief work, and&nbsp;proceeds from the film will be used to procure medical equipment such as oxygen cylinders, concentrators and ventilators for those in need.
ZEE and Salman Khan Films will also provide support to daily wage workers of the entertainment industry whose livelihoods have been severely affected by the pandemic-induced lockdown.
'Radhe', which features Salman as an encounter specialist is all set to have a theatrical release on May 13 in over 40 countries and will also simultaneously stream on multiple platforms, including ZEE5&rsquo;s pay-per-view platform ZeePlex.&nbsp;

The Income Tax Department is conducting a search and survey at 15 locations of Zee Entertainment.


Income Tax Department raids 15 locations of Zee Entertainment

The Income Tax Department is conducting a search and survey at 15 locations of Zee Entertainment.
The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for Zee Entertainment said the&nbsp;officials from the tax department have visited the offices of the Company, with certain queries and the firm is&nbsp;providing all the required information and extending complete co-operation.

Income Tax raids 15 locations of Zee Entertainment

The Income Tax Department is conducting a search and survey at 15 locations of Zee Entertainment.
The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for Zee Entertainment said the&nbsp;officials from the tax department have visited the offices of the Company, with certain queries and the firm is&nbsp;providing all the required information and extending complete co-operation.

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