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Zee Media Corporation Ltd is looking to enter television shopping business. The company said it has acquired 80 per cent equity stake in two India Today group companies — Today Merchandise Pvt Ltd and Today Retail Network Pvt Ltd for ₹166 crore.
Today Retail Network was incorporated in 2007, while Today Merchandise was set up in 2010. The two companies together run an e-commerce portal, Bagittoday.com.
“TV shopping, with its promising potential, holds great investment value for the company. With its investment in the target companies — which have built the infrastructure for the TV shopping channel along with a complementing website — the company will be able to not only shorten the launch time of the channel, but also be able to scale up at a faster pace,” the company said in a filing to the BSE.
Zee will make the payments to India Today in instalments. By June end, Zee will spend ₹39.78 crore to acquire 49 per cent stake in both the companies. Zee will take over operational and managerial control by that time.
VOD platform A week ago, Zee Entertainment Enterprises Ltd had come out with its video streaming platform called OZEE.
Punit Goenka, MD and CEO of Zee Entertainment Enterprises Ltd, said on OZEE launch, “The video-on-demand platform has become the need of the hour. OZEE will offer a user-friendly platform and the comfort of watching your favourite ZEE show/movie at your convenience.”
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