Mumbai: Zee Entertainment Enterprises Ltd. (ZEE) and Turner International (Turner), after nearly two decades of successful strategic collaboration, have mutually decided to work independently for driving Subscription Revenues.
ZEE and Turner joined hands back in 2002 to manage distribution and trade marketing for a bouquet of channels in India.
“As both parties continue to explore avenues for growth, we jointly take this opportunity to thank our value chain partners to have supported us through our journey” the statement said.
Way back in December 2001, Zee and Turner has announced an agreement to form a joint venture company, Zee Turner Private Limited, to manage distribution and trade marketing for a bouquet of channels of the two companies and third party channels in India and South Asia.
However, the JV didn’t have active operations since last few years and the turnover was NIL during last couple of financial years. Apparently, the partners have decided to terminate the JV with ZEEL taking control of it.
The Joint Venture partners have mutually agreed to terminate the Joint Venture with acquisition of Turner’s equity stake in ZTL by the Company at par value aggregating to Rs. 260,000/-. Upon closure of transaction ZTL shall become a wholly owned subsidiary of the Company.