ZEEL asks media not to speculate on its stake sale

Zee Entertainment Enterprises Ltd (ZEEL) has issued a statement calling the details of ZEEL’s stake sale process, including the deal closure timeline and the size of the overall deal, as aired by a business news channel on February 14, 2019, as speculative. 

The media conglomerate further stated, “The overall process of ZEEL’s strategic sale is in steady progress and is as per the previously stated timeline.” It also reiterated that the fundamentals of the business as well as its intrinsic value were intact and that the company is performing “exceptionally well”. 

According to an unconfirmed news report by CNBC-TV18, ZEEL promoters are in the US reportedly negotiating with Comcast and Sony for a stake sale. The report pegged the bids in the range of Rs 540-560 per share, and added that the agreement is likely to be concluded this week. 

ZEEL in its statement said that it had received a media query from the channel, to which its management had responded via a written communication that the query was purely speculative. 

“Vide this press note, the company wishes to request and encourage the investors in ZEEL to trade based on fundamentals and intrinsic value of the company and after referring to reliable sources of market analysis and credible reports, and to not believe in any speculative news stories or rumours,” ZEEL stated. 

The company further said that once the deal reaches its advanced and appropriate stage, the corporate communications desk of ZEEL will issue an official statement to all concerned stakeholders, including the media fraternity.