Zee Entertainment Enterprises Ltd (ZEEL) is among the top five gainers on the BSE currently, hitting an intraday high at Rs.375.15, rising 4%.
Two news on the counter. Firstly, the Q1FY20 performance – domestic business and digital broadcast helped it post a 13% (YoY) rise in consolidated revenue at Rs.2008 crore and net profit showed a 63% rise at Rs.530 crore.
Subscription revenue rose 47% at Rs.709 crore and advertising revenue rose 4% at Rs.1187 crore. The group’s OTT platform, Zee5, managed to get 76.4 million monthly active users (MAU) by the end of Q1, up from 61.5 million MAUs in the sequential quarter.
The second news - ZEEL MD and CEO Punit Goenka told analysts during the first-quarter earnings conference call that the company has received one binding offer and expects to receive another offer in a couple of days. The promoters will evaluate both the deals and make an announcement in a few days. If the second offer doesn’t come then the promoters will go ahead with the offer on the table. ZEEL promoters led by Subhash Chandra plan to sell up to 50% of their equity stake in the company to a strategic partner.