ZEEL

** UBS says 16.8% lower Q1 ad revenues for Zee Entertainment ZEE.NS, despite steady or growing ad spends by FMCG companies, shows a structural shift of advertisers to digital platforms

** ZEE shares last down 3.8% to 128.7 rupees

** UBS is cautious on the broadcaster, retaining a "neutral" rating, with PT unchanged at 140 rupees

** Average of 16 analysts' rating on stock is "hold;" median PT is 145.5 rupees - data compiled by LSEG

** YTD, ZEE up 6%

(Reporting by Aleef Jahan in Bengaluru)

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July 22 (Reuters) - India's Zee Entertainment Enterprises ZEE.NS reported a 14% drop in first-quarter revenue on Tuesday, as the broadcaster was hurt by weak demand for advertisements.

Zee, which runs channels like ZeeTV and ZeeCinema, reported a consolidated total income of 18.5 billion rupees ($214.24 million) for the three months ended June 30, from 21.5 billion rupees a year ago.

($1 = 86.3520 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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** Zee Entertainment Enterprises ZEE.NS falls 5.8% to 134.7 rupees; marks biggest one-day pct loss in more than three months

** Broadcaster fails to secure required shareholder votes to raise funds by issuing warrants, blocking plans by founding Goenka family to increase stake in co

** Stock rated "hold" on avg; median PT is 140 rupees, per data compiled by LSEG

** YTD, ZEE gains 13%

(Reporting by Aleef Jahan in Bengaluru)

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Updates throughout with details of shareholder vote, background

July 10 (Reuters) - Zee Entertainment Enterprises ZEE.NS on Thursday failed to secure the required shareholder votes to raise funds by issuing warrants, blocking plans by the founding Goenka family to increase their stake in the broadcaster.

The setback comes after the company aggressively cut costs and focused on improving performance in its core businesses following a failed merger with Sony Group Corp's 6758.T India assets.

Only 59.5% of shareholders who participated in the voting supported the resolution, falling short of the 75% majority required for approval, Zee said in a stock exchange filing late Thursday.

"While the efforts being taken have augured well for the company, in order to further safeguard it from a future growth perspective, it is important to keep a sufficient war chest," Zee said in a statement, citing a rapidly shifting market and fierce industry competition.

Proxy advisory firms InGovern and Institutional Investor Advisory Services recommended Zee shareholders vote against the proposal, which sought to raise the Goenka family's stake to 18.39% from 3.99%, citing concerns about share dilution and the use of warrants as a fundraising tool.

The motion sought to issue 169.5 million preferential warrants worth 22.37 billion rupees ($260.9 million) to Altilis Technologies and Sunbright Mauritius Investments, entities linked to the founding family, as part of a capital infusion to fund growth plans.

Public investors hold 96% of Zee's shares, with nearly 39% held by domestic and foreign institutions including HDFC Mutual Fund, Life Insurance Corp of India LIFI.NS, and Norway's Government Pension Fund Global.

Zee's shareholders had previously blocked key board decisions, including CEO Punit Goenka's reappointment as director in November 2024.

($1 = 85.7400 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Shreya Biswas and Tasim Zahid)

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July 8 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• SHAREHOLDERS APPROVE DIVYA KARANI AND SAURAV ADHIKARI AS DIRECTORS

Source text: ID:nBSE50Ld2y

Further company coverage: ZEE.NS

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** Indian broadcaster Zee Entertainment ZEE.NS jumps 9.6% to 145.86 rupees, its highest since August 2024

** Co expects Zee5 streaming platform to achieve EBITDA breakeven in FY26, its investor presentation showed

** Zee5 logged EBITDA loss of 5.48 billion rupees (about $63 million) in FY25

** Stock set to log busiest trading session in 10 months, volumes at 5.3x the 30-day avg

** ZEE up 20% year-to-date

($1 = 86.7590 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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** Shares of India's Zee Entertainment ZEE.NS up as much as 3.4% at 142.75 rupees, highest since Dec. 10
** TV broadcaster said late on Monday some existing shareholders are investing $261 mln via convertible warrants
** Zee plans to build core business and invest in newer segments with funds
** Stock up for 7th straight session
** About 10 mln shares change hands vs 30-day avg of 13 mln shares - LSEG
** ZEE stock up 15.5% YTD

(Reporting by Sethuraman NR in Bengaluru)

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June 16 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• SEES TOTAL PROMOTER SHAREHOLDING TO 18.39% POST FUND-RAISING EXERCISE

Source text: [ID:]

Further company coverage: ZEE.NS

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** Zee Entertainment Enterprises ZEE.NS rises 3.5% to 132 rupees

** Broadcaster buys undisclosed stake in content startup Bullet, with which it is partnering to launch India's first "micro-drama app"

** More than 23 mln shares traded, ~2x the 30-day moving avg

** Stock rated "hold" on avg; median PT is 130 rupees, per data compiled by LSEG

** YTD, ZEE gains 8.4%

(Reporting by Rudra Pratap Singh in Bengaluru)

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June 9 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT - ENTERS INTO STRATEGIC PARTNERSHIP WITH CONTENT START-UP BULLET

• ZEE ENTERTAINMENT ENTERPRISES LTD - PARTNERS WITH BULLET TO LAUNCH MICRO-DRAMA APP

Source text: ID:nBSE7TP6xl

Further company coverage: ZEE.NS

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May 8 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT - TARGETS 8-10% AD REVENUE GROWTH IN FY26

• ZEE ENTERTAINMENT - TARGETS ABOUT 17.5% TV VIEWERSHIP SHARE IN FY26

Source text: ID:nNSEyy0jF

Further company coverage: ZEE.NS

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May 1 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT ENTERPRISES LTD - APPROVES INCORPORATION OF THREE WHOLLY OWNED SUBSIDIARIES

• ZEE ENTERTAINMENT - OBJECTIVE TO DIVERSIFY CURRENT BUSINESS, TO BECOME MORE EFFICIENT

Source text: ID:nBSE6gj3g

Further company coverage: ZEE.NS

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April 7 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• NCLAT DISMISSES APPEAL FILED BY IDBI BANK

Source text: ID:nBSE2jPdFg

Further company coverage: ZEE.NS

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By Aditya Kalra

NEW DELHI, March 21 (Reuters) - India's antitrust raids this week on media buying agencies followed tip-offs under a leniency scheme that reduces penalties for companies providing evidence, three people familiar with the matter told Reuters.

Japan's Dentsu 4324.T was at least one firm that has applied for the scheme, one of the people said. Dentsu declined to comment.

On Tuesday and Wednesday, the Competition Commission of India raided the local offices of WPP-owned GroupM, Interpublic, Publicis and Dentsu, as well as high-profile Indian broadcasters' body IBDF, over suspected collusion on ad prices and discounts.

The three sources said the CCI investigation was linked to the watchdog's leniency programme, which allows a 100% penalty waiver for the first company coming forward with evidence of wrongdoing, and lower waivers for subsequent ones, once the case concludes.

One of the sources with direct knowledge of the matter said Dentsu made a leniency submission around February last year and disclosed evidence related to pricing arrangements between industry body the Advertising Agencies Association of India and the IBDF, which dictated terms on discounting to win ad clients.

"If media agencies wanted to do business, they had to follow these guidelines," the person added, referring to what they viewed as a potential anti-competitive arrangement.

The CCI did not respond to Reuters queries. The AAAI and IBDF, both of which were raided in the enforcement action this week, also did not respond.

Ad giant GroupM, U.S.-based Interpublic's IPG Mediabrands unit IPG.N, and France's Publicis Groupe PUBP.PA did not reply to requests for comment.

It's not clear if any other company has made similar leniency submissions.

The IBDF represents top domestic broadcasters, including billionaire Mukesh Ambani's Reliance-Disney joint venture, Sony and Zee Entertainment ZEE.NS.

The CCI does not make public details of any price-fixing investigations, and conducts such raids to seize potential evidence. In the latest case, raids ran through Tuesday night for over 24 hours.

India is the world's eighth-biggest ad market where revenues of $18.5 billion last year are set to grow 9.4% in 2025, GroupM estimates.

The investigation, which will drag on for months, comes amid major shifts in India's ad landscape following a $8.5 billion merger between Walt Disney and Reliance's Indian media assets, with the combined business estimated to have a 40% share of the ad market in TV and streaming segments.

If found guilty, the media agencies may be liable to pay a penalty of up to three times their profit for each year during which the collusion took place, or 10% of their turnover for each year of wrongdoing, whichever is higher.

In 2018, Anheuser-Busch InBev (AB InBev) told the CCI about a beer industry cartel, triggering investigations involving Carlsberg and United Breweries. In return, AB InBev got a full penalty waiver in 2021.

(Reporting by Aditya Kalra
Editing by Mark Potter)

((Email: [email protected]; X: @adityakalra;))

** Zee Entertainment Enterprises ZEE.NS rises ~2.7% to 103 rupees after CLSA predicted stock would double in 12-24 months

** Says media company's valuation at rock bottom at forward 12-month PE of 8x after slump that followed failed Sony merger

** Adds growth in ad rev to drive stock's re-rating

** Estimates ZEE to deliver 33% profit CAGR in FY26 and FY27

** Says OTT streaming service ZEE5's ramp-up to aid recovery

** Adds correction in ZEE's shares "overdone"

** Retains "outperform" and PT of 170 rupees, implying a 65% upside

** Stock rated "hold" on avg; median PT is 133 rupees, per data compiled by LSEG

** YTD, ZEE down 15%

(Reporting by Bharath Rajeswaran in Bengaluru)

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By Aditya Kalra

NEW DELHI, March 19 (Reuters) - India's antitrust officers grilled media executives and seized data in an investigation into price fixing by global advertising agencies GroupM, Interpublic, Publicis and Dentsu, with raids continuing well past midnight into a second day on Wednesday, people familiar with the matter said.

The Competition Commission of India (CCI) raids began early morning on Tuesday at around 10 locations in the strictest enforcement action ever against media agencies and a group of the nation's top broadcasters, just before the start of the popular IPL cricket tournament, the biggest sporting event for advertisers in India.

Top officials at the Indian office of GroupM were not allowed to go home overnight and the raid was still continuing on Wednesday, with evidence from mobile phones being cloned, two people with direct knowledge said.

Raids at Indian offices of U.S.-based Interpublic's IPG Mediabrands unit IPG.N, Japan's Dentsu and top broadcasters industry group IBDF ended early morning on Wednesday, nearly 24 hours after they started, people familiar with the matter said.

At the New Delhi IBDF office raid, CCI inspectors reviewed emails related to advertising dealings of the group, which represents billionaire Mukesh Ambani's Reliance-Disney joint venture and Sony, said the first source.

France's Publicis Groupe PUBP.PA office was also raided on Tuesday and the operation continued well past midnight, though it wasn't clear if it has ended, said another source familiar with the operation.

GroupM, owned by Britain's WPP WPP.L, did not respond to Reuters queries. WPP in 2023 said it had a 45% media market share in India, with 45 of the top 50 advertisers as clients.

Interpublic's IPG Mediabrands unit, Publicis, Dentsu and the IBDF did not respond to Reuters queries. The CCI also did not respond.

The raids come amid major shifts in India's ad landscape following a $8.5 billion merger between Walt Disney and Reliance's India media assets, which is estimated to have a 40% share of the ad market in TV and streaming segments.

The media agencies compete in India, the world's eighth-biggest ad market, where revenues of $18.5 billion last year are set to grow 9.4% in 2025, GroupM estimates.

In a case started last year, the CCI is investigating allegations that broadcasters and media agencies were colluding on prices and discounts of ad rates. The raids were carried out in New Delhi, Mumbai and Gurugram, Reuters has reported.

The watchdog does not provide details of price collusion cases, or make its investigations public, and the case is likely to drag on for months before a conclusion is reached.

If found guilty, the media agencies may be liable to pay a penalty amounting to up to three times their profit for each year during which the collusion took place, or 10% of their turnover for each year of wrongdoing, whichever is higher.

(Reporting by Aditya Kalra; Additional reporting by Munsif Vengattil; Editing by Saad Sayeed)

((Email: [email protected]; X: @adityakalra;))

By Aditya Kalra and Munsif Vengattil

NEW DELHI, March 18 (Reuters) - The Indian antitrust body has raided the offices of many global advertising giants, including GroupM, Dentsu and Interpublic Group, and a broadcasters' industry group over alleged price collusion, people with direct knowledge told Reuters on Tuesday.

Officers of the Competition Commission of India searched around 10 locations after it initiated a case against the agencies and top broadcasters over allegedly fixing ad rates and discounts, said one of the sources.

Three other sources with direct knowledge confirmed the names of the entities being raided.

The raids were being carried out in Mumbai, New Delhi and Gurugram, the first source said.

Reuters was first to report the enforcement action and details of the antitrust case involving the media agencies.

Spokespersons for GroupM, Interpublic's IPG Mediabrands unit, and Dentsu did not respond to requests for comment.

The Indian Broadcasting and Digital Foundation also did not respond, and neither did the competition commission, which does not make public the details of its enforcement action or cases related to price collusion.

WPP-owned WPP.L GroupM is the world's largest media buying agency.

The Indian Broadcasting foundation represents top domestic broadcasters, including billionaire Mukesh Ambani's Reliance-Disney joint venture and Sony and Zee Entertainment ZEE.NS.

Reuters was first to report the enforcement action and details of the antitrust case involving the media agencies.

(Reporting by Aditya Kalra and Munsif Vengattil; Editing by Bernadette Baum)

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** Shares of Zee Entertainment Enterprises ZEE.NS rise 4.7% to 102.78 rupees

** TV broadcasting co's promoters increased stake to 4.28% from 3.99% by acquiring shares from open market

** Nuvama Research said acquisition by promoters shows belief in long-term prospects and growth potential of ZEE, which will boost confidence of minority investors

** Trading vols at 14.7 mln shares, 1.4x the 30-day average

** ZEE down ~15% in 2025

(Reporting by Vijay Malkar)

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** India's Sun TV Network SUTV.NS drops 7% to 10-month low of 586.55 rupees, biggest percentage loser on media .NIFTYMED index

** Company's Q3 profit slumps 20% Y/Y on lower advertisement revenue and higher operating expenses

** At least four brokerage firms cut PT after weak earnings

** Rival Zee Entertainment's ZEE.NS foray into southern market successful, but Sun TV's northern market foray needs more focus, says Nuvama

** "Sun TV's new Hindi channel dragged down margins," says CLSA; cuts PT to 670 rupees from 766 rupees earlier

** SUTV down 14% so far in 2025 vs 13% losses in media index

** Analysts' average rating on stock "buy"; median PT 790 rupees

(Reporting by Vivek Kumar M)

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** Shares of Zee Entertainment Enterprises ZEE.NS down 2.5% at 117 rupees

** Broadcaster continues to see weak ad environment, with Q3 ad revenue down 8.5%, declining in nine of last 10 quarters

** Citi says pace of ad rev recovery to determine if Zee hits FY26 core profit margin target of 18%-20%

** Adds first phase of margin expansion via cost cuts is done

** Citi cuts FY25-27E rev estimates by 5% and Nuvama cuts FY25-27E core profit est by 4-11% on sluggish ad environment

** Session's loss extends 12-month stock price decline to about 24%

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 23 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT Q3 CONSOL NET PROFIT 1.64 BILLION RUPEES; IBES PROFIT EST. 1.86 BILLION RUPEES

• ZEE ENTERTAINMENT Q3 CONSOL TOTAL INCOME 20.13 BILLION RUPEES

Source text: ID:nBSE2sNVsl

Further company coverage: ZEE.NS

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Jan 3 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• INDIA MARKET REGULATOR: RELEASES ADJUDICATION ORDER IN MATTER OF ZEE ENTERTAINMENT ENTERPRISES

• INDIA'S SEBI : SHOW CAUSE NOTICE OF JULY 2022 TO ZEE, SUBHASH CHANDRA, PUNIT GOENKA STANDS WITHDRAWN, INSTANT PROCEEDINGS ARE DROPPED

• INDIA'S SEBI : ALLEGATIONS OF JULY 2022 SHOW CAUSE NOTICE TO ZEE TO BE SUBSUMED WITH OTHER INVESTIGATION CARRIED AGAINST CO

Source text: [ID:]

Further company coverage: ZEE.NS

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** Zee Entertainment Enterprises ZEE.NS drops ~1%, extending its yearly losses to 56%

** Stock set for worst year since 2008

** Meltdown in stock after Japanese media and entertainment giant Sony 6758.T scrapped $10 bln merger with co on Jan. 22, dragging ZEE 33% lower - its worst day on record

** ZEE also top drag on Nifty media index .NIFTYMED, which is down 24% YTD - worst in five years

(Reporting by Kashish Tandon in Bengaluru)

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Nov 26 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT ENTERPRISES - ARBITRAL TRIBUNAL REJECTS CLAIMS BY ZEEL AND MARGO AGAINST RAILTEL

• ZEE ENTERTAINMENT ENTERPRISES LTD - ARBITRAL TRIBUNAL REJECTS COUNTER CLAIMS BY RAILTEL

Further company coverage: ZEE.NS

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By Aditya Kalra and Aleef Jahan C S

Nov 22 (Reuters) - Sony's 6758.T India unit said on Friday it had secured the media rights for all Asian Cricket Council (ACC) tournaments until 2031, which a source with direct knowledge of the matter put the value at $170 million.

Disney DIS.N and Reliance RELI.NS, seen as frontrunners, did not bid for the rights, another source said on condition of anonymity.

The deal comes at a crucial time for the country's media industry, which is going through a consolidation phase after the $8.5 billion merger of Reliance and Walt Disney's India media assets.

Earlier this year, India's antitrust body raised some concerns about the merged entity's grip over the broadcast of the world's most populous country's favourite sport, Reuters had reported.

The entity currently holds the rights to the matches of the Indian Premier League and International Cricket Council.

The media rights of the ACC were with Disney-owned Star India until 2023, before they were temporarily extended, according to media reports.

The newest deal ensures the coverage of Asian cricket's marquee tournaments across television, digital and audio platforms, Sony India said in a statement.

The deal will be a significant boost for Sony to bolster its foothold in India after it pulled out of a $10 billion merger with Zee Entertainment earlier this year.

Disney, Reliance and Sony India did not immediately respond to Reuters' requests for comment.

(Reporting by Aditya Kalra in New Delhi and Aleef Jahan in Bengaluru, writing by Indranil Sarkar; Editing by Shreya Biswas)

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Nov 15 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• APPROVED HIGHER TARGETS TO EVALUATE PERFORMANCE OF PUNIT GOENKA

• HIGHER TARGETS FOR PUNIT GOENKA INCLUDES REVENUE OUTLOOK FOR NEXT 4 QUARTERS

• HIGHER TARGETS INCLUDE PAYOUT OF 25% OF CONSOL NET PROFITS AS DIVIDEND TO SHAREHOLDERS

Source text: ID:nBSE13ZF1K

Further company coverage: ZEE.NS

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Nov 4 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT - AIMS TO DELIVER 18-20% EBITDA MARGIN BY Q4 FY26

Source text: ID:nBSE5KHmQp

Further company coverage: ZEE.NS

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Oct 23 (Reuters) - India's New Delhi Television (NDTV) NDTV.NS posted its fourth-straight quarterly loss on Wednesday, as the news broadcaster's expenses surged.

The company, 64.7% of which is owned by ports-to-energy conglomerate Adani Group, reported a loss of 527.7 million rupees ($6.28 million) for the July-September quarter, compared to a profit of 59.1 million rupees in the year-ago period.

NDTV's total expenses surged 76% on the back of a jump in operating as well as production and marketing costs, as it continued to invest in newly launched TV channels and infrastructure.

The company, which runs news channels, said its revenue from operations rose 16.5% to 1.11 billion rupees in the latest quarter, attributing it to enhanced content strategy, an expanding portfolio of intellectual properties, and strategic digital initiatives.

Indian consumer good makers, who typically spend the most on advertising on television, have reined in their expenses as they grapple with muted demand for their products amid rising living costs.

That has weighed on advertising-dependent media companies.

In the past couple of weeks, Zee Enterprises ZEE.NS, which runs its eponymous TV serial and entertainment channels, posted a decline in ad revenue. Reliance group-controlled Network18 Media NEFI.NS, which owns both news and entertainment channels, said its TV news ad revenue was soft during the quarter.

NDTV did not disclose its ad revenue for the quarter.

The company's shares dropped after the results, closing 0.8% lower.

Other rivals TV Today Network TVTO.NS and Zee Media Corporation ZEEN.NS are expected to post results later this month.

($1 = 84.0650 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)

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Oct 18 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT - RE-APPOINTMENT OF PUNIT GOENKA AS MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER

• ZEE ENTERTAINMENT - RE-APPOINTMENT OF PUNIT GOENKA FOR 5 YEARS WITH EFFECT FROM JAN 1, 2025

• ZEE ENTERTAINMENT Q2 CONSOL NET PROFIT 2.09 BILLION RUPEES

• ZEE ENTERTAINMENT Q2 CONSOL TOTAL INCOME 20.34 BILLION RUPEES

Further company coverage: ZEE.NS

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Oct 9 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• ZEE ENTERTAINMENT - ADOPTED REPORT PREPARED BY INDEPENDENT INVESTIGATION COMMITTEE

• ZEE ENTERTAINMENT - INDEPENDENT INVESTIGATION COMMITTEE SUBMITS REPORT TO ZEE'S BOARD, FINDS NO MATERIAL IRREGULARITIES

• ZEE ENTERTAINMENT - BOARD ADVISED CO TO PROACTIVELY SETTLE PENDING PROCEEDINGS WITH SEBI IN TIME-BOUND MANNER

• ZEE ENTERTAINMENT - COMMITTEE NOTED TRANSACTIONS UNDER INVESTIGATION DID NOT ADVERSELY AFFECT CO OR SHAREHOLDERS

• ZEE ENTERTAINMENT - COMMITTEE DID NOT FIND ANY NEED FOR FURTHER CORRECTIVE, DISCIPLINARY MEASURES

Source text for Eikon: ID:nBSEbpNgSs

Further company coverage: ZEE.NS

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