Entertainment Financial News

Want to take exposure to a sector which grows much faster than GDP

Disney Star could, in terms of valuation, end up becoming an unusual and immediate victim of the aborted Sony-Zee merger. Zee Entertainment Enterprises disputing its obligations to honour a $1.5-billion sub-licensing deal for the International Cricket Council (ICC) has raised the likelihood of an up to $2-billion downgrade of Disney Star by Reliance, on anticipated losses from the media rights agreement, people privy to the development told ET. According to Zee, the ICC TV contract with Disney Star was contingent on successful completion of Zee's merger with Sony, said the people cited.

Shares of companies with higher foreign ownership have slumped of late as renewed outflows from overseas investors have put the spotlight on these stocks. With the deadline for foreign portfolio investors (FPIs) to comply with the beneficial ownership norms around the corner, analysts said sentiment in several such stocks is jittery.

₹7,705 crore as the market cap of the four listed companies fell from ₹27,257.4 crore on Saturday to ₹19,551.65 crore at the end of market hours on Tuesday. Incidentally, the earlier biggest single-day fall in shares of Zee Entertainment was five years back, when the scrip nosedived 26.6% on 25 January 2019 after media reports of a federal probe in the businesses owned by Chandra.

Edited excerpts: We started 2023 with the clarity that MeitY is our nodal ministry. That was a significant development for us. Finally, we had a body to go to with our thoughts, concerns and questions.

It is a name that has become almost synonymous with professional wrestling but its bearer, Dwayne Johnson, has never legally owned “The Rock.”

(Corrects company name to 'Endeavor' from 'Endeavour' in paragraph 12)

Priyank Kharge said in Bengaluru on Tuesday. He said the state will be holding the animation, visual effects and gaming conference — Bengaluru GAFX 2024 — from January 29 to 31. Those expected to speak are Kalari Capital's Vani Kola, Invest India chief executive Nivruti Rai, and Infosys cofounder Kris Gopalakrishnan, among others.

Su Zhu, the co-founder of now-collapsed hedge fund Three Arrows Capital (3AC), has shared his thoughts on his time spent in prison, describing it as an “enjoyable experience overall.”

Zee Entertainment Enterprises Ltd. traded at Rs 166.25 on BSE at 02:10PM (IST) on Tuesday, down 28.26 per cent from previous close.

Angel One shares witnessed another 5% intraday decline today, reaching a low of ₹3,085 per share. This downtrend has persisted since the announcement of its Q3FY24 results on January 15, resulting in a cumulative loss of 20% in share value. After the release of the company's financial results, domestic brokerage firms revised down their earnings estimates for Angel One due to escalating operating expenses.

Zee Entertainment Enterprises share price saw sharp decline of more than 25% on the NSE and the BSE, post Sony ended its merger agreement and demanded $90 million in termination fee. As the stock erased more than ₹5000 Crore market-cap, all investors including Mutual funds were at the receiving end.

₹145, a 339.39 percent premium to the issue price of ₹33 NSE SME. The ₹20.26 crore IPO was open for subscription between January 15-17. The SME IPO Maxposure received the highest subscription so far in 2024 at 987.47 times at close.

BENGALURU (Reuters) -Zee Entertainment's shares (NS:ZEE) plunged 10% on Tuesday, set for their biggest one-day slide since April 2021, after Sony (NYSE:SONY) India scrapped a $10 billion merger with the Indian broadcaster, raising concerns about its survival in an increasingly competitive industry.

Word of Sony walking away from the altar of its merger with Zee had preceded Monday’s termination of their agreement. Its terms had not been met, said the Japanese group’s entertainment unit.

MUMBAI : Shares of Zee Entertainment Enterprises Ltd may open 10% lower on Tuesday and fall further, market participants said, as the termination of its merger with Sony Corp. group’s Indian entity sparks block deals and liquidation of long positions. Mutual funds including Aditya Birla Sun Life MF, Kotak MF, ICICI Prudential MF and Nippon India MF, hold 32.49% of Zee’s equity, while insurance companies like Life Insurance Corp., SBI Life and HDFC Life Insurance Co., hold 10.66% and foreign portfolio investors, including Norges Bank and Vanguard, etc., hold 28.19% as of the December quarter end.

Axis Bank: The lender is set to announce its third quarter results for FY24 on January 23. Kotak Institutional Equities estimates the bank to announce Net Interest Income (NII) of ₹124,553 million for Q3FY24, up 8.6% compared to the corresponding period last year. Net profit for Q3FY24 is projected to stand at ₹62,120 crore, up 6% year-on-year.

Axis Bank, ZEE, Cipla among others will be in focus due to various developments and quarterly numbers. Here's a complete list of stocks for investors to track.

Sony Group's decision to call off its deal with Zee Entertainment Enterprises and seek a termination fee of $90 million (Rs 748 crore) is likely to trigger a messy legal war, with both companies filing cases against each other in multiple judicial forums, lawyers said. After this announcement, both parties can approach an arbitration tribunal as per their contractual agreements, or a high court for any interim relief, they said. On Monday, Zee informed stock exchanges that Sony Group companies Culver Max Entertainment and Bangla Entertainment terminated the merger co-operation agreement and invoked arbitration to get several reliefs. After the approval of the scheme by the National Company Law Tribunal, any dispute relating to changes in the key terms of the merger scheme shows that there are attempts to seek more than what the parties had already agreed under the deal, said Ashish Pyasi, partner of law firm Aendri Legal. «As the parties have already exercised their negotiation option as per the agreement and are now opting for an arbitration dispute, then the termination of the agreement can also be challenged on grounds including non-performance of any conditions of the agreement before the arbitral tribunal,» said Pyasi. «In such an event, the tribunal will decide the issues after considering all the facts to see whether the respective terms have been complied with or not, and whether there is a breach of the agreement or not as alleged.»

Zee Entertainment Enterprises CEO & MD Punit Goenka and the promoter family he belongs to from continuing to call the shots with a tiny equity stake, if other shareholders in the company once again choose to give him a long rope. Our Bureau explains: Will that change? So far, it hasn't and chances are it won't — at least for some time.

Mint Explainer: The collapse of Sony-Zee merger and its wider implications The global brokerage firm has further slashed the target price of Zee Entertainment stock by 34% to ₹198. Sony has formally asked Zee to halt the merger, while simultaneously seeking a termination fee of $90 million, alleging breaches on the part of the Indian media giant. Sony has escalated the matter by initiating arbitration proceedings against Zee.