Zee accuses Invesco for hypocrisy
SUBSCRIBE
JOBS
Custom Image
Go Back
3 years ago 10:26:01am Television

Zee accuses Invesco for hypocrisy

New Delhi, 30-October-2021, By IBW Team

Bombay HC adjourns Invesco plea to Nov-end

India’s Zee Entertainment on Tuesday said top shareholder Invesco’s opposition to a proposed merger of the TV network with Sony’s India unit is hypocritical because the U.S. investment firm pitched a deal with similar terms earlier this year.

Invesco’s “stance… runs contrary to the very deal Invesco was proposing itself a few months ago,” Zee Entertainment Enterprises said in a statement, disclosing that proposal for the first time, Reuters reported.

In February Invesco, which owns roughly 18 percent of Zee via two funds, tried to combine the media firm with “certain entities owned by a large Indian group” in a manoeuvre that would have allowed Zee CEO Punit Goenka to head the merged company, Zee said.

That deal would have also given Zee’s founding family a higher stake of up to 8% in the new company, a move Invesco has opposed in the impending merger with Sony.

Mumbai-headquartered Zee said Invesco was pushing for the deal even though its management team found that the value of the Indian group’s entities could have been blown up by at least RS. 100 billion ($1.33 billion).

Invesco, which is now calling for Goenka’s ouster and a board revamp, previously wrote several letters acknowledging his “reputation, experience and capability as a professional” and also voted in favour of his re-appointment as CEO in September 2020, Zee said.

Invesco also has proposed an overhaul of Zee’s board. Zee said Invesco’s demands were not motivated by a desire to serve the company’s business or the public interest.

Invesco did not immediately respond to a request for comment.

Invesco’s opposition clouds prospects for the Sony deal, which prompted a sharp rise in Zee’s share price when it was announced in September. As part of the deal, Sony India would control about 53 percent of the merged company.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Our Events

  • img
    SatCab Symposium

    SatCab symposium organized by Aavishkar Media Group is an annual event. It's a well-informed event where we have a panel discussion on the current affairs and future forecasting on our industry.

  • img
    BCS
    Ratna Awards

    BCS Ratna Award organized by Aavishkar Media Group is an annual event. In this award function, a community of our industry is honored by receiving the award for the contribution of their work.

  • img
    Chetna Yatra

    Chetna Yatra organized by Aavishkar Media Group is an annual event. Held by Dr. AK Rastogi, Chairman of Aavishkar Media Group. Pilgrimage India in his car for connecting the people of our industry.

  • img
    Imaan India Sammaan

    Imaan India Samman is an event mobilized by Aavishkar Media Group, which was launched in 2012. Giving the award to the NGOs for giving their contribution to society.

Youtube Videos