Zee Entertainment Board on Thursday approved the acquisition of film production and distribution business from Zee Studios. Formerly known as Essel Vision Productions Limited, Zee Studios is a wholly-owned subsidiary of the company.
“This is to inform you that the Board of Directors of the Company at the meeting held today i.e. December 17, 2020, have approved the acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios Limited (formerly known as Essel Vision Productions Limited), a wholly-owned subsidiary of the Company, for a cash consideration, on such terms and conditions as contained in the Business Transfer Agreement (‘BTA’),” the company said in the regulatory filing.
“This transaction comprises the acquisition of the business undertaking pertaining to Film Production and Distribution business as a going concern, on a slump sale basis from Zee Studios Limited,” Zee entertainment said.
Started in 2007, Zee Studios Limited is engaged in the business of TV content development, film production and distribution. As on 31 March, the turnover of film production and distribution business stood at ₹124.11 crore.
“The acquisition of film production and distribution business would inter alia result in growth opportunities in line with the strategic growth opportunities in line with the strategic Company,” Zee Entertainment said in a statement.
It will take approximately two months to complete the acquisition, Zee Entertainment said.
Zee Entertainment Board also approved the transfer of the digital publishing business division of the company to Rapidcube Technologies (Rapidcube) through a Business Transfer Agreement.
