Zee Telefilms Ltd (ZTL) has agreed, in-principle, to acquire 60 per cent stake in Venus Films Pvt Ltd and Venus Records & Tapes Pvt Ltd. This acquisition is subject to due diligence and final approval from Board of Directors of ZTL. Producers Ganesh Jain and Ratan Jain of Venus Films have produced several successful Hindi films, including ‘Josh’, ‘Mela’, ‘Baadshah’, ‘Garam Masala’, ‘Kyunki’ and ‘Hulchul’. Venus Records & Tapes has a repertoire of 2,500 titles. Venus Films has rights to the negatives of 30 blockbuster films like ‘Baazigar’, ‘Yes Boss’ and ‘Akele Hum Akele Tum’, among others.
Commenting on the development, Ashish Kaul, Senior Vice-President, Essel Group, said, “We look at this acquisition as an extension of our existing business as we are a major consumer of film and music products. This will be in synergy with business of Zee Cinema and Zee Muzic. The audio and film rights will strengthen the programming of these channels.”
Ganesh Jain of Venus said, “This association of Venus with Zee Network will be mutually beneficial as Zee will have access to all films of Venus, and Venus will have the support of India’s largest television network. Being one of the leading music companies, we will be able to provide a strong support to Zee Cine Awards overseas and to the programming content of Zee Muzic.”
Elaborating further, he said, “This acquisition is also being done in line with our plans to aggregate and digitalise content for digital platforms, starting with the content of Zee Network. This acquisition will help us be at the forefront of providing both new and existing content across various consumer gadgets.”
This acquisition will add to Zee’s existing library of films. Apart from audio and film rights, Venus has state-of-the-art post-production facilities, which will help in enhancing the content value of Zee Network. The company will continue to be managed by the existing management, thus, helping Zee Network in harnessing the opportunities in the Indian film industry.