Zee Entertainment Enterprises Limited's (ZEEL) revenue for the fiscal ended 31st March 2023 stands at Rs 8167.62 crore compared to last fiscal’s Rs 8305.86 crore.

The company has recorded ad revenue of Rs 4057.89 crore a drop of 7.6% compared to last year’s Rs 4396.15 crore.

As per reports, ZEEL has posted a net loss of Rs 73 crore for Q4 compared to the corresponding quarter last year.

Subscription revenue saw a 2.7% growth at 3335.47 crore on March 31, 2023, compared to Rs 3246.6 crore last fiscal.

The company said that its other sales and services revenue YoY was down 25%, and up 71% QoQ aided by new launches and higher syndication revenue.

The company's expenditure was up 10.3% to Rs 7364 crore compared to Rs 6674.14 crore. EBITDA for FY23 was down by 38% YoY due to a decline in revenue and elevated strategic investments across the business. It fell from Rs 1780.33 crore to Rs 1101.1 crore this fiscal. EBITDA margin came in at 13.6 % compared to 21.7%.

The operating expenditure for the fiscal increased 10.5% to Rs 4468.6 crore from Rs 4041.79 crore. Profit after tax for the business has dropped by 76.1 % from Rs 1053.8 crore to Rs 251.4 crore.

The total revenue for its OTT platform ZEE5 stood at Rs 741 crore, up by 36% in FY23 compared to the previous fiscal.

The company said that the programming and technology costs were higher YoY due to higher content cost in movies, investment in ZEE5 and Sports.

Personnel expenses decreased from Rs 826.1 crore to Rs 823.8 crore YoY.

Advertising & Promotional expenses surged by 23 % to Rs 1055.4 crore from Rs 858.5 crore as new content launches on Digital increased the marketing cost on a YoY and QoQ basis.

Compared to the last quarter of FY22, the advertising and subscription revenue of the company fell by 5%.

The platform's global MonthAly Active Users (MAUs) stands at 113.8 million in March 2023 compared to 104.8 million in March 2022. The number of Global Daily Active Users (DAUs) has increased from 10.5 million to 11.1 million.

Arnab Goswami, Managing Director and Editor-in-Chief of Republic TV has tendered his unconditional apology before the Delhi High Court in a 2016 contempt case.

The case was  filed by former Executive Vice Chairman of TERI R.K. Pachauri against him and others for "fragrant and willful disobedience" of the court's earlier orders restricting them from publishing certain claims against him.

"I hereby tender my apology to this Hon'ble Court and request that this Hon'ble Court may graciously be pleased to accept the apology and close the instant proceedings against the deponent," reads Goswami's affidavit submitted in court on April 28.

The affidavit further stated that Goswami is a law abiding and a respectable citizen of the country, holds all courts in high esteem and has the highest respect for the Delhi High Court.

"I had no intention to commit any act/ omission amounting to disobedience much less, wilful disobedience of the orders of this Court. I say that the alleged broadcasts were done under the bona fide belief that the same was not prohibited in terms of order passed by this Hon'ble Court on 18.02.2015 passed in C.S. (OS) 425 of 2015. The alleged broadcasts were made as part of fair reporting in view of the liberty under Article 19(1)(a) of the Constitution of India as recognised by this court in the aforesaid order," the affidavit reads.

The India Today Group has announced the launch of India Today in the UK market from May 31. This is a follow-up to the launch of the Group's Hindi news channel, Aaj Tak, in the UK market. Previously operating as a hybrid channel, Aaj Tak and India Today served UK audiences with unique content.

With the launch of India Today, the English news channel will now be available as a free-to-air service, broadcasting in standard definition (SD) and accessible on Sky Channel No. 523.  This will position it alongside other prominent English news channels, including Sky News, BBC News, GB News and Talk TV, the group said in a press release.

Meanwhile, Aaj Tak will continue to be available on Sky Channel number 710, providing uninterrupted access to Hindi content for viewers. The India Today Group, renowned for its comprehensive news coverage and commitment to delivering high-quality content, is thrilled to bring its linear presence to the UK audience.

“With its launch in the UK, India Today aims to captivate audiences with its insightful reporting, engaging programmes, and unwavering commitment to journalistic excellence. The channel's introduction is a testament to the India Today Group's dedication to delivering informative and relevant content to viewers worldwide,” read the release.

ZEE Entertainment Enterprises is likely to move the NCLAT against the NCLT order, media networks have reported.

The network is expected to contest that it did not have the opportunity to present its arguments. ZEEL may challenge NCLT's jurisdiction regarding the non-compete fees issue.

The NCLT will be moved in a day or two, reports said quoting sources.

We had earlier reported that on May 11, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI).

SEBI has passed an interim ruling against one of the promoters of the Essel Group, which owns Zee.

The exchanges have also been asked to review whether the payment method for the non-compete fee between two Mauritius entities is in accordance with the relevant SEBI policies.

The proposal for the ZEE-Sony merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.

NDTV’s popular anchor and Senior Editor Sarah Jacob has quit.  Jacob, who has worked at NDTV for over 20 years, also hosts the show We The People.

In an email to NDTV staffers, Jacob described NDTV as an “amazing newsroom filled with the most creative and driven reporters”.

“I cannot thank you enough,” she wrote. “Working with the best in the business has been an honour.”

"Last night, I resigned from NDTV. To Dr. Roy and Radhika Roy, Thank you for building what was one of India's great media institutions. To my many colleagues of over two decades, thank you for the memories.

It has been a fantastic ride from 2001 to 2023 at NDTV in various capacities. From being a reporter to having my own show has been rewarding and I am forever grateful for all that NDTV gave me and continues to offer. To be in the middle of the most spectacular years of the Indian TV news industry boom, that too at NDTV, which has set the standard of excellence for the industry, has been a magical career thus far. I hope future generations get to work at a place like I did, while learning the ropes. A most special thanks to my viewers, supporters and critics. You all had just as much to contribute in making sure I improve, introspect and learn. Your feedback keeps us honest. I will miss my show 'We the People' immensely and hope that whoever takes over from me will continue to ask the tough questions, but for now this is Sarah Jacob, signing off from NDTV," she wrote.

Many prominent names associated with the channel have quit the network recently and they include: Ravish Kumar, Nidhi Razdan who stepped down as Executive Editor,Group Editor Sreenivasan Jain, NDTV Group President Suparna Singh, Chief Strategy Officer Arijit Chatterjee, along with Chief Technology and Product Officer Kawaljit Singh Bedi.

Exchange4media is starting a monthly column 'Leading from the front' to profile top business leaders of India

Media and entertainment industry is abuzz with developments and speculations pertaining to Zee Entertainment and Sony Group merger, as decks are being cleared one by one. Sony-Zee together would create a $10 billion media giant, with over 100 entertainment channels in the bouquet. 

Kenichiro Yoshida, Chief Executive Officer of Sony, said last week that the company is expecting to close the Zee-Sony merger in the first half of this fiscal year, that is by September. 

Punit Goenka is the man of the moment. After all, he was one of the major architects of this historic deal. Goenka, who is the managing director and CEO at ZEE Entertainment Enterprises Ltd (ZEEL), has, however, maintained a silence on the matter.

There have been several turbulences in the merger. On Monday, the Mumbai bench of the National Company Law Tribunal (NCLT) asked the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reconsider their initial approvals for the Sony-ZEE merger.

Goenka perhaps awaits for an opportune time to speak. The company officials are in the “silent period” anyway, as ZEEL’s quarterly and FY23 results are awaited on Thursday. 

Business acumen

Zee and Sony's merger is going to be the biggest deal in the Indian media and entertainment industry, with Punit Goenka at the helm. 

It's not just a coincidence that Goenka was conferred with the Game-Changer of the Year award at the International Advertising Association’s (IAA) Leadership Awards in 2022. He was also conferred with the IMPACT Person of the Year award by the exchange4media group in 2014. 

His vision and acumen in the media domain enabled ZEE to become the frontrunner in India’s burgeoning entertainment industry, leading the company to achieve a global stature today.

Goenka grew up and studied in several Indian towns and cities before being sent to Institut Le Rosey, a boarding school in Rolle, Switzerland. This is where he transformed and grew up with leadership skills. His journey to becoming one of India's most prominent business leaders is a captivating story.

His remarkable ability to steer ZEE Entertainment through testing times, including legal disputes with its largest shareholder and challenging macroeconomic conditions, is lauded by industry leaders. 

“Goenka's ability to stay calm amid turbulence is probably what helped Zee rise from a medium size broadcaster into one of the largest and steadiest media companies in India. Even in the face of adversity, his exceptional leadership skills have ensured ZEE's unwavering course, maintaining stability and strength,” his critics opine. 

With an extensive tenure of over 15 years in the company, Goenka has established himself as one of the most influential figures in the industry across Asia. 

He emphasizes values, prioritizing them above mere valuation. Goenka, in a quarterly call with investors in the past, stated, “With its resilience and sharp focus on growth, ZEE has successfully expanded into new areas of business and consistently delivered immense value to all its stakeholders. We stay committed to building a value-generating institution for all our stakeholders.”

Stressing up on his commitment to building long-term value, he said in an investor’s call in the past, “We are currently going through a phase where we are focusing on building value in the long-term, and are persisting with our investment themes, given our strong positioning and an attractive market opportunity ahead.”

"In addition to strengthening our current offerings, we are also consistently identifying newer growth opportunities for value creation," he noted. 

People’s man

Focus on human capital has been instrumental in driving innovation and excellence within ZEE, under Goenka’s leadership, experts believe.

“Goenka has a knack for selecting the best people from across industries and nurturing them. Besides, he is a people’s man. He backs his senior team, even when certain decisions do not work in the short run,” one of his aides quips. 

Ahead of the curve 

Goenka transformed ZEE into a crown jewel, significantly reducing the debt burden of the Essel Group promoters. Through strategic initiatives and prudent management, he has meticulously fortified ZEE's foundation, expanding its footprint across domestic and international markets. 

His peers in the industry believe that ZEE’s proposal for a merger with Sony Pictures Networks India serves as a testament to Goenka’s ability to anticipate industry trends and identify expansion opportunities ahead of the curve.

Content King

Goenka is credited with strengthening ZEE brick by brick, expanding its presence across domestic and international shores with a diversified portfolio that captures consumers’ hearts across touch points. The strong content creation capabilities he has built within the Company have enabled stories and characters from ZEE to resonate across markets and households for decades. 

In a new development that could pose trouble for the Zee-Sony merger, the Mumbai bench of the National Company Law Tribunal (NCLT) reportedly asked the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reconsider their initial approvals for the merger and issue no-objection certificates before the next hearing.

The bench headed by HV Subba Rao and Madhu Sinha will hear the case on June 16.

News report says that on May 11, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI).

The new instructions come close on the heels of SEBI’s interim ruling against one of the promoters of the Essel Group, which owns Zee.

The exchanges have also been asked to review whether the payment method for the non-compete fee between two Mauritius entities is in accordance to the relevant SEBI policies.

The proposal for the merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.