Corporate Performance     

Published: November 15, 2024
Updated: November 15, 2024

Zee Media Corporation Ltd

Improving performance: Half-time revenues cross Rs. 3000-mn-mark

Zee Media Corporation Ltd. (BSE: 532794, NSE: ZEEMEDIA), one of the leading and largest news networks of India, approved and took on record the financial results of ZMCL for the quarter and half year ended September 30, 2024.

For H1FY25 (Cons), the revenue was reported at Rs. 3066.6 mn. The EBITDA came in at -166.60 mn, with loss shrinking YoY, from -399.60 mn (H1FY24). Zee News, the company’s flagship Hindi news channel, has significantly improved its market reach, now ranking 4th with an impressive 58 million viewers [source: BARC, All 15+, Zee News, 0600-2400 hrs, WK 41’24 (4 weeks rolling average)].

Zee Business is leading the Hindi business news segment with a whopping 77.4% market share, average weekly reach of 1.2 mn and 33.7 minutes ATSV [Source: BARC, All 22+, Male ABC, HSM, 0600-2400 hrs WK 41’24 (4 weeks rolling average)]. The company’s digital portfolio with its 18 brands in 11 languages had 1.9 Bn pageviews in Q2FY25, and MAU of 214 Mn in Q2FY25. Zee Digital ranks 3rd in the overall news & Information category (ComScore –Sep’24).

Upon the approval of the Board, the Shareholders of the Company at their Extra Ordinary General Meeting, approved raising of funds for an amount up to Rs. 200 Crores, by issuance of upto 13,33,33,333 fully convertible warrants, each convertible into one fully paid up equity share of face value of Rs. 1 each, at any time within 18 (eighteen) months from the date of allotment of the Warrants, to certain identified Non-Promoter / Non-Promoter Group entities at a price of Rs. 15 per Warrant on a preferential basis, in terms of extant applicable provisions. The proposed allotees include FIIs UNICO Global Opportunities Fund Ltd., AL Maha Investment Fund PCC – Onyx Strategy, and Ebisu Global Opportunities Fund Ltd.

Earlier, the company announced that it’s wholly owned subsidiary viz. Zee Akaash News Private Limited has, after obtaining requisite approvals, entered into Agreement for making an investment in Flutrr Digimate Pvt Ltd. The investment shall be made by Zee Akaash News Private Limited by subscribing to equity share and Convertible Warrants, of Flutrr.

Fluttr is into the business of providing information technology solutions and technology enabled services. the Investment is expected to be completed by December 31, 2024. Zee Media Corporation Limited is one of the leading and largest news networks of India. It has a unique cluster of 19 TV news channels comprising 1 Global, 4 National and 11 Regional language channels, together with 3 digital-only channels and multiple digital brands.

Zee Media network is one network that began early, grew steadily, adapted along, sustained all weathers and today stands as one of India’s largest, widest and most diverse-platform news network. Zee Media Corporation Limited has interests in Global, National and Regional news channels and Digital news publishing. The Company also operates 32 digital properties and 7 mobile applications. The digital publishing business of the company has been consolidated under a subsidiary company ‘Indiadotcom Digital Private Limited’ (IDPL). Zee News, the flagship channel of the network is a household name among India’s news channels and among the flagbearers of free, fearless and foremost journalism.