MUMBAI — One of India’s most influential media conglom, Subhash Chandra’s Zee Telefilms, is spinning off its TV channels, satcaster Dish TV and cable arm Citicable into three companies to pump growth.
Zee News will be a separate company, also encompassing Zee Business and regional-language channels Zee Bangla, Zee Punjabi, Zee Marathi, Zee Telugu and the soon-to-launch Zee Kannada.
Citicable and cable-related businesses will be de-merged into Wire & Wireless (India).
Zee’s satellite platform Dish TV — which has more than 1 million subscribers — will form a separate company.
ZTL shareholders will receive shares in all the companies, which will be listed in the Bombay Stock Exchange.
“We have felt it important to … bring all the operational activities together, to create strategic focus, remove tax inefficiencies and unlock shareholder value,” Chandra says.
Zee now can woo partners for each division, which have different foreign ownership caps, bringing in coin and expertize.
ZTL shares rose on the BSE on the news, announced March 29, reaching a 52-week high of 259 rupees ($6.19)