Zee to induct strategic partner

By Our Special Correspondent

MUMBAI, MAY 23. Zee Telefilms Ltd. (ZTL) today announced that it has decided to sell a stake to an international media company as a strategic partner.

The Zee majority shareholders executive committee has decided to invite and induct a strategic partner, said Mr. Subhash Chandra, Chairman, Zee Telefilm. The company is expected to appoint an investment banker for this exercise in the next few days. The scouting for the strategic partner will commence once the investment banker is appointed.

Mr. Chandra said the partner had to bring synergies with itself and ``provide better opportunities to distribute our products globally.'' Details such as the amount of stake to be divested would be decided later, he said, adding, the decision to induct a strategic partner is to keep in line with the global trends in the industry.

The new partner is not only expected to bring value to ZTL but also enable significant new opportunities for value creation and enhancement in the area of syndication, distribution or content creation for international markets.

At present, 60 per cent of the stake of ZTL is held by promoters, foreign institutional investors 19 per cent, Indian financial institutions 7 per cent, employees 4 per cent and the balance is held by individuals and corporate bodies.

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Section  : Business
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