Rajiv Singh, COO, ZMCL talks about how adding radio to its portfolio will accelerate growth of ZMCL’s current business. Mark Thompson, International Managing Editor, CNNMoney, talks about the launch of its very first country section on India.
ADDING RADIO TO THE PORTFOLIO WILL ACCELERATE GROWTH OF ZMCL’S CU RRENT BUSINESS: RAJIV SINGH
In a move that was long anticipated by the industry, Zee Entertainment Enterprises Limited (ZEEL) announced the acquisition of the General Entertainment TV channels from Anil Ambani-led Reliance ADAG Group - Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, while Zee Media Corporation Limited (ZMCL) will acquire 49% stake in the Radio business of Reliance Broadcast Network Limited (RBNL), which runs 92.7 BIG FM. The TV business of Reliance Group Entities currently comprises two operational general entertainment channels - BIG Magic, a comedy channel catering to the Hindi-speaking markets - and BIG Ganga, a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal - and four other TV licenses. The acquisition helps ZEEL expand its GEC universe as BIG Magic gives it access to the comedy genre enhancing its customer offerings while BIG Ganga syncs with its strategy of expanding into the regional markets and offers attractive growth potential. For Zee, Radio was the missing piece in its media conglomerate and the RBNL acquisition brings into its bouquet the largest network of FM radio channels in India - 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 new licenses (issued under Phase III), reaching 45 cities, 1200 towns and more than 200 million people. ZEE also recently acquired UAE’s HUM 106.2 FM. As part of the deal, ZMCL and RBNL have a call/put option to acquire/sell the balance 51% after the lock-in provisions on the permission holder of these licenses expire. As per MIB regulations, at least 51% shareholding needs to be held by the permission holder for a minimum period of three years from the date the channels were operationalized. The lock-in period for the 45 operational licenses expire on March 31 2018, whilst the lock-in period for the 14 licenses expire after the completion of three years from the day they become operational, which is expected to be around March 2020. Commenting on the radio deal, Rajiv Singh, COO, ZMCL said, “We are pleased to announce this acquisition which will not only be complementary to our current business but accelerate its growth too. We are currently running successfully a bouquet of 11 news and current affairs channels and with the addition of 59 radio licenses, we will be reaching out to a much increased audience base and will keep them engaged on different media platforms. This acquisition will bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace. We are confident that this investment will enhance value for all stakeholders and take the company to the next level.”
FOR CNNMONEY, STORIES ABOUT INDIA MATTER FAR BEYOND ITS BOR DERS: MARK T HOMPSON
Mark Thompson, International Managing Editor, CNNMoney, is upbeat about the launch of its very first country section on India. He says CNNMoney is committed to telling the promising India story to a global audience, and talks to us about hiring Rishi Iyengar as the new India editor and more:
ON INDIA AS A MARKET: India is on a roll. It is the fastest growing major economy, and becoming more and more competitive with time. This success story is a rare bright spot in a struggling world, and it’s firing the imagination of entrepreneurs, investors and global companies eager to do business in India, innovate with a local partner or discover the next billion-dollar start-up. CNNMoney is committed to telling that story to a global audience.
ON THE NEW INDIA EDITOR: We’ve just hired Rishi Iyengar, formerly with TIME in Hong Kong, as our new India editor, based in New Delhi. He will oversee the launch of CNNMoney’s first country section, a site dedicated to business news about India. It will be a hub for technology, economy and market news, stories our rapidly growing audience in India cares most about. We’re also developing new content that will flow into the site – series of videos, articles and interviews that reveal some of India’s most promising young entrepreneurs, sketch a vision of the country three years from now, and dive deeper into thriving sectors of the economy.
ON PROMOTING CONTENT FROM INDIA: With CNNMoney reporters and editors in Hong Kong, Abu Dhabi, Dubai, Johannesburg, London and New York, and the support of CNN’s global news-gathering network, we will explain how stories about India matter far beyond its borders. This unique India content will also be available via our new IOS and Android app – CNN MoneyStream – which launched recently. The app allows you to create a personalized news experience. So if you’re interested in Asia and technology, you can choose to follow those ‘streams,’ giving you a curated feed of our award-winning content and the best from other quality destinations. Give it a try!
