Media/Entertainment-Industry-Economic Times Media And Entertainment News: Read Media And Entertainment Latest Updates, Box office news on The Economic Times. Get all the latest & breaking news on Media and Entertainment Industry, Advertising Companies Business, Celebrities News, Commercial Dealings latest Update, Videos & More
- 'Netflix's India business is healthy and growing': Content VP Monika Shergillon February 29, 2024
Netflix India is maintaining a healthy business despite a slowdown in subscriber growth. They revealed their 2024 content slate and are partnering with telecom operators to offer bundled prepaid plans to broaden their reach and enhance user value.
- Netflix India unveils 2024 content slate: Sanjay Leela Bhansali's Heeramandi, Anupam Kher's Vijay 69 and moreon February 29, 2024
Netflix India has announced its content slate for 2024, featuring 14 shows and eight films. The lineup includes Sanjay Leela Bhansali's debut, Heeramandi: The Diamond Bazaar, IC 814: The Kandahar Hijack, Excel Entertainment's Dabba Cartel, and Ravi Kishan's courtroom comedy series Maamla Legal Hai. Netflix and Yash Raj Films are partnering on one series and two films, while Neeraj Pandey's upcoming projects include Khakee: The Bengal Chapter and Sikandar Ka Muqaddar.
- NCLT adjourns hearing on Star India-Novi Digital mergeron February 29, 2024
The hearing was postponed on February 21 because the Indian Performing Right Society (IPRS), which opposes the scheme, has informed the NCLT that its application challenging the tribunal's dismissal order dated February 9 has been held for judgment by the National Company Law Appellate Tribunal (NCLAT).
- RIL, Disney announce a big, fat Indian weddingon February 29, 2024
Walt Disney's Star India will merge with Reliance Industries' Viacom18 to create India's biggest media and entertainment business valued at $8.5 billion. Mukesh Ambani and Bob Iger will lead the merged entity. The venture will have exclusive rights to distribute Disney films and productions in India.
- Disney to step back from India in mega-deal with Reliance Industrieson February 29, 2024
The Walt Disney Co. forms an $8.5 billion joint venture with Reliance Industries in India. Reliance will be the senior partner and the deal aims to leverage Reliance's understanding of the Indian market. The partnership will create a media powerhouse in India.
- From September to a shaadi: How Disney found a new home for Mickey Mouse in Indiaon February 28, 2024
The genesis of the Reliance Disney negotiations was in the fall of 2023 but it gathered momentum after Walbrooke visited the Reliance Mumbai office in October followed by Kevin Mayer and Manoj Modi catching up just before Christmas at the Ambani residence in Stoke Park, London, to shake hands and sign a non binding term sheet with a February 17th deadline.
- Mukesh Ambani commits Rs 22,000 crore investments in big bet on M&Eon February 28, 2024
RIL announced that it would infuse Rs 11,500 crore into the proposed joint venture (JV) with Walt Disney. In April 2023, it had invested Rs 10,839 crore as part of a Rs 15,145 crore fund injection in Viacom18 with Bodhi Tree Systems investing Rs 4306 crore. Sports and digital content have received major investments, and both will continue to be a core priority as the joint venture takes shape. The merger is expected to conclude in Q4 of 2024 or Q1 of 2025.
- Karan Johar's Dharma Cornerstone onboards Orryon February 28, 2024
Dharma Cornerstone Agency (DCA) partnered with social media sensation Orhan Awatramani, also known as Orry, to enhance their influencer marketing strategy and expand Orry's influence. DCA's talent roster includes Janhvi Kapoor, Sara Ali Khan, Tiger Shroff, Vijay Deverakonda, and Ananya Panday. EVP Kim Sharma welcomed Orry's collaboration.
- Reliance, Disney announce deal to create $8.5 billion media goliathon February 28, 2024
Reliance Industries, Viacom 18, and Disney merge Viacom18 and Star India to create a JV valued at Rs 70,352 crore ($8.5 billion). The JV will be one of India's leading media companies, providing entertainment and sports content to over 750 million viewers and exclusive distribution rights for Disney films.
- Reliance, Disney sign binding agreement to form JV, to merge media operations in Indiaon February 28, 2024
Reliance Industries Limited (“RIL”), Viacom 18 Media Private Limited (“Viacom18”) and The Walt Disney Company (NYSE:DIS) (“Disney”) today announced the signing of binding definitive agreements to form a joint venture (“JV”) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement.
- Dish TV calls EGM to seek shareholder nod for Director appointmentson February 28, 2024
Dish TV is holding an EGM on March 21 to appoint three directors. Remote e-voting will be available from March 18 to March 20. Dish TV previously appointed Sunil Khanna and Ravi Bhushan Puri as directors. The company faced fines for board composition-related violations.
- RIL-Disney deal: Nita Ambani may be named chairpersonon February 27, 2024
Nita Ambani is likely to become the chairperson of the Star India-Viacom18 merged entity, with Uday Shankar as the vice chairperson. The merger deal is expected to be announced soon, and Reliance is set to invest $1-2 billion in the merged entity.
- Zee expands scope of advisory panel to include investigation assessmenton February 27, 2024
The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for alleged fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company.
- Nita Ambani likely to be chair of India's merged Reliance-Disney media business: Sourceson February 27, 2024
Nita Ambani, founder and chair of the Reliance Foundation, is likely to be appointed chair of the board when Reliance Industries and Walt Disney merge their India media assets. The deal will strengthen Reliance's hold over India's media and entertainment market.
- Moloco partners JioCinema to develop robust monetisation solutionon February 27, 2024
Moloco, a machine learning and advertising technology company, has partnered with Viacom18-owned JioCinema to develop a robust monetization solution for streaming services. The partnership aims to innovate by providing engaging commercials and advertiser ROI in response to the growing popularity of streaming video and challenges in live event advertising.
- View: Sony’s spurned target shows the pitfalls of tempting Indian M&Aon February 27, 2024
Sony Group Corp. narrowly escapes a risky $10 billion Indian merger after legal intervention, leaving target Zee Entertainment Enterprises Ltd. in dire straits amid mounting legal woes. The saga underscores caution for foreign investors in Indian deals. Zee's financial woes deepen as Sony's retreat prompts uncertainty, leaving room for new suitors like Adani, but with hurdles to clear.
- Subhash Chandra moves SAT against Sebi orderon February 26, 2024
Subhash Chandra challenges Sebi's ban at SAT, Sebi claims Chandra is not cooperating, Chandra's counsel argues SAT's judgement applies, Sebi passed confirmatory order on August 14, 2023, Goenka secured a stay order.
- Hungama Digital to raise Rs 50 crore through rights issueon February 26, 2024
Hungama plans to raise Rs 50 crore through a rights issue by March. Care Ratings revised its rating to negative due to weak performance and losses in FY23. The leading digital entertainment company has exclusive digital rights for 30 million titles.
- Reliance, Disney may announce Star-Viacom18 merger this weekon February 25, 2024
Reliance Industries and Walt Disney have signed a binding agreement to merge Viacom18 and Star India, creating India's largest media empire. The deal is expected to be announced this week, spanning TV broadcasting, streaming, movies, and sports. Reliance will own 61% of the combined company, with Uday Shankar as the leader.
- Disney and Reliance said to have signed binding merger pacton February 25, 2024
Walt Disney Co. and Reliance Industries Ltd. have reportedly signed a binding agreement to merge their media operations in India, with Reliance and its affiliates expected to own at least 61% of the merged entity, and Disney holding the rest. The deal is anticipated to be announced early in the week. The ownership split may change based on the inclusion of Disney's other local assets.
- MCA asks Sebi to share details on Zee, could summon Puneet Goenkaon February 24, 2024
The ministry's preliminary probe had found appropriation of ZEEL's fixed deposits (FDs) by Yes Bank, for squaring off loans of related entities of Essel Group. ZEEL is part of the Essel Group promoted by Subhash Chandra and his family.
- Zee forms an advisory committee following 'rumours' that led to investor wealth erosionon February 23, 2024
Zee Entertainment has appointed an Independent Advisory Committee, chaired by retired High Court judge Satish Chandra, and Uttam Agarwal and PV Ramana Murthy, to address negative public opinion and investor wealth erosion caused by rumours and market speculation following the Sony merger.
- Sony Music India FY23 net up 11% at Rs 227 croreon February 23, 2024
Sony Music Entertainment India (SMEI) reported a 11.27% increase in net profit to Rs 227 crore for the fiscal ended March 2023, up from Rs 204 crore in the previous fiscal. Operating revenue increased 26% to Rs 745 crore, with 64% coming from outside India. Digital, broadcasting, and licensing income increased by 25% to Rs 728 crore, while service income doubled to Rs 17 crore. SMEI generates revenue through monetizing intellectual property rights, content production, and brand promotion services.
- BBC gets first Indian-origin chairman in Dr Samir Shahon February 22, 2024
India-born media executive Dr Samir Shah was on Thursday confirmed as the new BBC chairman after his selection cleared the stages of scrutiny to be approved by King Charles III this week. Shah, who has worked in UK broadcasting for over 40 years, was picked as the government's preferred candidate in December last year and went on to be quizzed by cross-party MPs of the House of Commons Media Culture, Media and Sport Select Committee for his pre-appointment scrutiny.
- HC asks Netflix to stop screening Indrani Mukerjea's series, CBI says it may affect investigationon February 22, 2024
The Bombay High Court has requested a stop in the screening of the series "The Indrani Mukerjea Story: Buried Truth" and requested Netflix to arrange a special screening for the Central Bureau of Investigation (CBI) officers. The court questioned why the CBI should not be allowed to see the docu-series, which is based on the Sheena Bora case. Netflix's senior counsel, Ravi Kadam, initially opposed the move, arguing it would amount to pre-censorship.
- Sebi set to question ZEE top brass including Subhash Chandra and Punit Goenka on 'fund diversion'on February 22, 2024
ZEE shares tumbled 14.8% on the BSE on Wednesday to close at Rs 164.50 apiece, after Bloomberg reported Sebi had found that about $241 million (Rs 2,000 crore) might have been diverted by the company promoters. This has added to the steep decline in the ZEE share price after Sony Group scrapped a $10-billion merger plan involving its India business. A key factor for the collapse of the deal was the Sebi finding.
- User Additions: It's a mixed bag for DTH companieson February 21, 2024
The pay Direct-to-Home (DTH) industry experienced mixed results in the third quarter, with strong subscriber additions during the ICC Men's Cricket World Cup in October and November, but losses in December as subscribers shifted to alternative platforms like OTT and DD Free Dish. The industry gained an estimated 1 million+ subscribers in October and November but lost an equal number in December, resulting in no net gain for the quarter. Bharti Airtel's DTH unit, Airtel Digital TV, achieved its highest net additions in 12 quarters, while Dish TV reported its best Q3 since FY19 in terms of new subscriber additions.
- Dadasaheb Phalke Awards 2024: Shahrukh Khan wins the best actor awardon February 21, 2024
Dadasaheb Phalke Awards 2024: Shahrukh Khan wins the best actor award.
- Who was Ameen Sayani? Who hosted Binaca Geetmala?on February 21, 2024
Iconic radio voice Ameen Sayani passed away at 91 yesterday. Sayani, the host of iconic Cibaca Geetmala radio programme, was born in Mumbai in 1932. Ameen Sayani transitioned from English to Hindi broadcasting, gaining immense popularity with 'Geetmala.' The show, airing from 1952 to 1994 with revivals, showcased his deep musical knowledge and revolutionized Indian radio.
- Zee Entertainment refutes report of Rs 2,000 cr accounting gaffe, says it is 'false'on February 21, 2024
Zee Entertainment denies media reports of a $240 million 'accounting hole,' calling them incorrect and false. The embattled Indian broadcaster asserts cooperation with SEBI and states they are addressing comments requested. SEBI reportedly uncovers a potential diversion of around Rs 2,000 crore, ten times higher than initial estimates, according to Bloomberg News sources
- Sebi uncovers $241 million accounting issue at Zeeon February 20, 2024
As part of its investigation into the Zee founders, the Securities and Exchange Board of India, or Sebi, found that about 20 billion rupees ($241 million) may have been diverted from the company, said people familiar with the matter who did not want to be identified as the information is not public yet. That’s roughly ten times more than initially estimated by Sebi investigators, the people said.
- Dish TV airs plan to grow its user baseon February 20, 2024
Once India's largest DTH platform, Dish TV has been steadily losing ground due to competition in the market and a tussle between promoters led by Jawahar Goel and other investors including Yes Bank, which has now transferred its 24% shareholding to JC Flowers. Dish TV promoters own a 4% stake in the company.
- PVR INOX offer: Watch movies at Rs 99 this Friday on 'Cinema Lovers Day'. Check detailson February 20, 2024
PVR and INOX are offering movies for just Rs 99 on 'Cinema Lovers Day'. Choose from a variety of movies, including Hollywood films. Premium formats are available at discounted prices. This special offer is valid on Friday across various Indian cities. Book your tickets now!
- Zee clarifies company not involved in any negotiations with Sony over dealon February 20, 2024
Zee said, "We would like to clarify that the company has not involved in any negotiations, or any other event as stated in the above-mentioned article, and we categorically confirm that the abovementioned news item is factually incorrect."
- Entertainment sector leasing registers 179% Y-o-Y growthon February 20, 2024
The entertainment sector, including movie theatres, gaming arcades, and children's play areas, experienced a doubling of space take up in 2023. Consumer demand for entertainment experiences within retail spaces increased significantly due to factors like technology advancements and the release of blockbuster hits. Urban cities, including Bangalore, returned to normalcy with notable brands securing space in retail spaces.
- Lionsgate Play debuts in Bangladeshon February 20, 2024
Lionsgate Play has partnered with Grameenphone to offer exclusive content to users in Bangladesh. The collaboration aims to provide seamless access to premium content, including billion-dollar franchises like John Wick and The Hunger Games, catering to Hollywood enthusiasts and expanding Lionsgate Play's presence in Southeast Asia.
- Pocket FM to invest $40 million in online reading platformon February 20, 2024
The initiative intends to promote writers' storytelling through visibility, lifetime earning opportunities, and distribution across various formats. Pocket Novel aims to generate more than $100 million in annualised revenue run rate by 2025, tapping into the potential of India's online novel reading market.
- Zee, Sony huddle in dramatic twist to salvage mergeron February 20, 2024
Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain.
- Dream11, Ceat, Aramco among companies in fray for IPL partnershipon February 19, 2024
Nine major companies, including Dream11, Ceat, Saudi Tourism, Aramco, Mastercard, RuPay, PhonePe, MyCircle11, and DP World, have purchased the tender document for the IPL associate and special partner slots. Among them, five are existing sponsors of the IPL. Dream11 and MyCircle11, both fantasy sports companies, are expected to compete against each other.
- Strong outlook: Indian print media industry is poised to record robust growth in 2024on February 18, 2024
The Indian print media industry is projected to experience robust growth in 2024, with advertising revenues returning to pre-pandemic levels. Print remains resilient in India, and industry experts anticipate rapid growth, emphasizing the credibility and effectiveness of print advertising for brand recognition.
- India has great growth potential, will find another opportunity post Zee merger collapse: Sonyon February 16, 2024
"India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," Totoki said when asked about the company's strategy in India after the termination of the proposed merger.
- Broadcasters seek meeting with Parliamentary Committeeon February 15, 2024
The Indian Broadcasting and Digital Foundation (IBDF) has requested a meeting with the Parliamentary Standing Committee on Communications and IT after being excluded from deliberations on a report on the regulation of cable television in India. The IBDF expressed concerns about the report's inaccuracies, misinterpretations of data, and omissions of crucial information.
- Reliance Tata Deal: Ambani's RIL may buy 30% Tata Play stake from Disney to strengthen television distribution & JioCinemaon February 15, 2024
Reliance Industries is reportedly in talks to acquire a 29.8% stake in Tata Play, a subscription-based satellite TV and video streaming service, from Walt Disney. The potential deal would strengthen Reliance's presence in India's television distribution sector and expand the reach of its streaming platform, JioCinema. Tata Play, owned by Tata Sons and Temasek, faces competition from Netflix, Hotstar, JioCinema, and Amazon Prime.
- NCLAT stays NCLT order in Dream 11 case, directs IRP not to take any step till Feb 23on February 14, 2024
The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT Mumbai bench's order to initiate a Corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, the operator of the fantasy sports platform Dream11. The stay will remain in effect until the next hearing on February 23.
- NCLAT tells IRP to take no further steps in Dream11 insolvency; NCLT order stayedon February 14, 2024
The counsel appearing for the co-founder and COO of Dream11, Bhavit Seth, had requested that no further steps be taken in the insolvency resolution professional, as any action will adversely affect the company which is preparing for the upcoming IPL season.
- Zee Entertainment seeks Rs 69 crore refund from Star after failed ICC TV dealon February 13, 2024
Zee asserted in its Q3 financial statements that it has strong grounds to counter Star India's claims in the ICC TV rights agreement matter. The company added that it has accrued Rs 72.1 crore for bank guarantee commission and interest expenses for its share of bank guarantee and deposit as per the agreement.
- Zee to review its entire business portfolio after Sony calls off merger planson February 13, 2024
The exercise is aimed at identifying businesses that generate maximum value and those that need to be focused on, Punit Goenka, managing director and chief executive, Zee said during an analysts' call to discuss December quarter earnings.
- Radio Mirchi operator posts 108% Rise in Q3 net profit at ₹21.6 cron February 13, 2024
Entertainment Network India Limited (ENIL), the operator of India's top FM radio channel Radio Mirchi, has recorded a net profit of ₹21.6 crore for the quarter ending December 31, 2023, marking an impressive 108% year-over-year (YoY) growth. EBITDA stood at ₹44.3 crore, boasting a 33% margin and demonstrating a substantial 36.4% YoY improvement, primarily driven by robust top-line growth.
- Dream11's parent company challenges insolvency petition in NCLAT appealon February 13, 2024
On Tuesday, Sporta Technologies, the parent company of Dream11, lodged an appeal with the National Company Law Appellate Tribunal (NCLAT) in Delhi, challenging the National Company Law Tribunal (NCLT) Mumbai's recent decision to accept an insolvency petition. The insolvency petition, filed by Reward Solutions' resolution professional, alleged that Sporta Technologies defaulted on dues amounting to Rs 7.61 crore. I
- NCLT admits insolvency resolution plea against Dream11 sports platform's owner Sporta Technologieson February 12, 2024
The tribunal appointed Madan Bajrang Lal Vaishnawa as the interim resolution professional to conduct the insolvency resolution process. Piyush Jani, the resolution professional for Reward Solutions, had approached the NCLT to initiate insolvency proceedings against Sporta after the company defaulted on its dues of about Rs 7.61 crore.