The board of directors of Zee Entertainment Enterprises Limited (ZEEL) has approved the acquisition of the General Entertainment (GE) broadcasting business undertaking of Reliance Big Broadcasting Private Limited, BIG Magic Limited, and Azalia Broadcast Private Limited, all part of Reliance Group Entities through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition.
The TV broadcasting business of Reliance Group Entities currently comprises two operational general entertainment channels, BIG Magic and BIG Ganga, and four other TV licenses.
BIG Magic is a comedy channel catering to Hindi-speaking markets. BIG Ganga is a leading Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand, and Purvanchal. The channels are available on all major MSOs and DTH operators. The GE TV Broadcasting Business Undertaking along with its assets, liabilities, licenses, trademarks, etc., shall get demerged from BIG Magic Ltd., Reliance Big Broadcasting Private Ltd., and Azalia Broadcast Private Ltd. into ZEEL through a court-approved scheme.
The proposed transaction remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges, ministry of information and broadcasting, and the High Court at Bombay. The transaction is expected to close in the second half of CY2017.