Skip to content
Search

Latest Stories

Zee's Subhash Chandra vows to 'fight back' for millions of viewers

Zee's Subhash Chandra vows to 'fight back' for millions of viewers

MORE THAN two decades after a fight with Rupert Murdoch, Indian media tycoon Subhash Chandra has picked up another corporate battle for 'millions of viewers', according to a report in Bloomberg.

Chandra and his supporters are now fighting Atlanta-based Invesco Developing Markets Fund, Zee’s biggest shareholder with an 18 per cent stake, as it plans to remove his son Punit Goenka as its CEO, overhaul the board and get a new owner.


His family’s stake in Zee Entertainment is down to less than 4 per cent after he pledged shares to pare debt owed by his wider conglomerate Essel Group.

According to Bloomberg, Chandra,70, is now looking for ways to raise his family’s shareholding.

“I will fight back not for financial gains, but for the satisfaction that I am honest with millions of Zee viewers,” Chandra said in a recent interview.

Currently, Zee commands 17 per cent of the Indian media and entertainment market, reaching more than 600 million people. Its own streaming platform is a leader among local players with almost 73 million monthly active users. 

India’s entertainment market will grow almost 30 per cent to $29 billion by 2023, Ernst & Young estimates. That gives local players like Zee a newfound appeal, the report added.

The market value of Zee has halved to about $4 billion from its 2018 peak, bogged down by debt raising at the group level and share pledging by the founders.

Chandra recently alleged that the US fund has a “certain larger design” to take over the empire he founded. Invesco has stuck to its demand for a shareholder meeting to fire Chandra’s son from the board and as CEO, saying the company’s founders were enriching themselves at the expense of ordinary shareholders.

Zee has asked a court in Mumbai to block Invesco’s call for the shareholder meeting.

After Invesco’s attempt to facilitate a buyout of Zee in March by Reliance Industries, fell through, it sought the ouster of Goenka.

Chandra countered by announcing on September 22 that Zee has entered friendly merger talks with Sony Group Corp., which has been scouting for Indian assets for some time.

The terms of the non-binding Sony deal, with a 90-day exclusive period, allow Chandra’s family to raise its stake to 20 per cent. Zee has said a merger with Sony is the best deal on the table, but it is open to offers from other bidders, the Bloomberg report further said.

According to analysts, Zee will need the approval of 75 per cent of its shareholders for the merger to go through.

A successful deal would more than double Sony’s market share in India to about 25 per cent. Reports also suggest that Reliance can theoretically return to the race if Invesco manages to revamp Zee’s board which then seeks fresh merger proposals.

Two decades ago, Chandra had the upper hand in the fight with Murdoch. The venture was doing well partly because of the Hindi soap operas and Bollywood content Zee brought to the table.

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
UK–Africa business summit 2025

UK–Africa business summit 2025

UK–Africa business summit 2025 highlights trade, technology and resilient partnerships

Highlights:

  • Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
  • Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
  • Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
  • Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.

The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less