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ZEEL to get strategic investor in India Webportal
MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) will get a strategic investor in its majority-owned subsidiary India Webportal Pvt Ltd.
As a result of this, ZEEL’s stake in India Webportal could fall below 51 per cent. While it currently holds 51 per cent stake in the joint venture, the remaining 49 per cent is with New York-headquartered Penske Media Corporation (PMC).
The ZEEL board has approved the proposal of induction of a strategic investor in India Webportal. As part of the proposal, India Webportal will issue convertible preference shares to the investor. This might result in potential dilution of its shareholding in the JV below 51 per cent, ZEEL said.
PMC is a digital media, publishing, and information services company that publishes more than 22 digital brands including Variety.com and Hollywoodlife.
ZEEL and PMC had formed India Webportal six years back. The JV operates websites such as India.com, Cricketcountry.com, OnCars.in, BGR.in, Prepsure.com, Careerfundas.com, Travel.india.com, Video.india.com, etc.
In the financial year ended 31 March 2015, India Webportal had reported a net loss of Rs 8.9 crore (Rs 89 million), compared to a net loss of Rs 7 crore (Rs 70 million) in the year-ago period.
India Webportal’s revenue had jumped almost 45 per cent to Rs 40.4 crore (Rs 404 million) in FY15 compared to Rs 27.9 crore (Rs 279 million) a year ago.