Following the termination of the Zee-Sony merger, Zee Entertainment Enterprises Ltd. promoters are strategizing to enhance their shareholding without external funding.
In an interview with Mint, Zee’s founder Subhash Chandra emphasized the company’s profitability and zero-debt status. He revealed the family’s intention to reclaim a 26 percent stake, acknowledging the need for funds to achieve this and assuring a commitment to refrain from external fundraising. Instead, the plan involves increased family investment in the company.
Chandra attributed their involvement in the merger to a desire to benefit Zee and stakeholders. However, he noted a shift in business dynamics as Sony’s influence began impacting operations, affecting Zee’s performance.
Disclosing claims settlement of Rs. 400 crores at Sony’s insistence, Chandra highlighted its impact on the company’s financial landscape.
Chandra affirmed Punit Goenka as the right leader, emphasizing that his removal wouldn’t have facilitated the merger. Contrary to speculation, offering Punit’s separation didn’t resolve the dispute, as Sony declined even a meeting for discussion, clarifies Chandra.