Zee Entertainment may divest 20% in video on demand platform Zee5; to set up group of channels
Zee is reportedly planning to set up a group of channels to attract new customers and take on its competitor in over-the-top media business Reliance Jio Zee Entertainment Enterprises, the mass media company owned by Essel Group, might spin-off its video on demand platform, Zee5, into a subsidiary, a media report said. Zee is reportedly planning to set up a group of channels to attract new customers and take on its competitor in over-the-top media business Reliance Jio, Business Standard said. Last week, the Subhash Chandra-run Essel Group said it was planning to sell up to 50 percent of the promoters’ equity in the group flagship media arm Zee Entertainment Enterprises to a strategic partner. “Even though our business is on a strong footing, given our global ambitions and the rapidly converging world of content and technology, we have decided to get a strategic partner with a strong technological expertise and global reach which will help us achieve our ambitions faster,” ZEEL managing director and chief executive Punit Goenka told PTI on 14 November_._ “The move will also transform us from a content only entity to a content-technology company which can thrive in the new digital world.
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