Entertainment-to-education conglomerate Essel Group said today that it will divest up to 50 per cent stake in its subsidiary, Zee Entertainment (ZEEL) to raise capital for expansion and transform the company into a global media player.
It has appointed Goldman Sachs India as an investment banker, while the US and Europe-based LionTree will be the international strategic advisor for this exercise.
“There is a recognition that a right global strategic partner will help in transforming ZEEL into a global media-tech player and maximising long term value,” the company said in a release.
“The proposed transaction is expected to address the Essel Group’s capital allocation priorities and will allow ZEEL shareholders to capture the full value of India’s largest entertainment broadcaster with a strengthening bouquet,” it added.