The Hindu Business Line : Zee Tele to pick 60% in Venus group cos

Zee Telefilms Ltd (ZTL) has agreed, in-principle, to acquire 60 per cent stake in Venus Films Pvt Ltd, Venus Records & Tapes Pvt Ltd. This acquisition is subject to due diligence and final approval from the board of directors of ZTL.

Producers, Mr Ganesh Jain and Mr Ratan Jain of Venus Films have produced several successful Hindi films, some of which are Josh, Mela, Baadshah, Garam Masala, Kyunki and Hulchul. Venus Records & Tapes has a repertoire 2,500 titles. Venus Films has negative rights of 30 blockbuster films such as Baazigar, Yes Boss and Akele Hum Akele Tum.

Commenting on the development, Mr Ashish Kaul, Senior Vice-President, Essel Group, said, "We look at this acquisition as an extension of our existing business, as we are a major consumer of film & music products. This will be in synergy with business of Zee Cinema & Zee Muzic. The audio and film rights will strengthen the programming of these channels."

Mr Ganesh Jain of Venus said, Elaborating further, he added, "This acquisition is also being done in line with our plans to aggregate and digitalise content for digital platforms, starting with the content of Zee Network. This acquisition will help us be at the forefront of providing both new and existing content across various consumer gadgets."

This acquisition will add to Zee's existing library of films. Apart from audio and film rights, Venus has the latest post-production facilities, which will help in enhancing the content value of Zee Network.

More Stories on : Mergers & Acquisitions | Radio/TV | Zee Telefilms Ltd

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