Zee Telefilms Limited (ZTL) and Buddha Films have jointly decided to reverse the earlier agreement to merge Buddha Films with ZTL. The decision was taken after a high-level meeting at the Zee corporate office. The meeting was in response to the AT Kearney report on restructuring of the channel.
Buddha Films will now cease to be a subsidiary of ZTL, which will now be funded by the Buddha promoters’ fund or independent investment companies, besides its own resources, with no dependence of ZTL for any funding.
ZTL has agreed to license its brand name Zee to Buddha for Buddha’s sports channel/business in consideration of Buddha giving Zee preferential / exclusive distribution as well as Zee to be appointed marketing concessionaires for the Sports Channel. Buddha Films will spearhead acquisition and promotion of sporting properties.