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ZEE to acquire General Entertainment TV channels from AGAD Group

24 Nov 2016 Evaluate

Zee Entertainment Enterprises (ZEE) has received an approval for acquisition of the General Entertainment Broadcasting Business Undertaking of Reliance Big Broadcasting, Big Magic & Azalia Broadcast, all part of Anil Ambani led Reliance Group Entities (ADAG Group) through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition. The board of directors at its meeting held on November 23, 2016 has approved for the same.

The TV Broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels (BIG Magic and BIG Ganga) and 4 other TV licenses. BIG Magic is a Comedy channel catering to Hindi Speaking Markets. BIG Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal. The channels are available on all major MSOs and DTH operators.

The General Entertainment TV Broadcasting business undertaking along with its assets, liabilities, licenses, trademarks etc. shall get demerged from BIG Magic, Reliance Big Broadcasting and Azalia Broadcast into ZEE through a court approved scheme.

Acquisory Consulting LLP and KPMG are acting as financial / tax advisors to ZEE and the fairness opinion has been provided by IDBI Capital Markets. Luthra & Luthra Law Offices is acting as the legal advisor. EY and Phoenix Legal are acting as financial and legal advisors to Reliance Broadcast Network respectively.


 

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