<Aug 1, 19> Bexley Advisors Quoted in MoneyControl: "Zee Likely to Offload Additional 9% Stake"
Updated: Mar 30, 2020
...After selling an 11 per cent stake in Zee Entertainment, Subhash Chandra’s Essel Group may well offload some more stake in the media company.
Utkarsh Sinha, managing director, Bexley Advisors, a boutique, early stage investment bank, feels that it is highly likely an additional nine per cent stake in Zee will come up for sale.
“The initial goal was to sell a 20 per cent stake in Zee Entertainment. Following this sale of around 11 per cent, another nine per cent would likely go to market soon,” he said.
He added that “Comcast (or other bidders) will probably be at the table for future stake sales, as the parent group still intends to further reduce its holdings. If anything, this transaction sets a floor price, which would lead to better outcomes for Zee shareholders if another sale occurs.”
“Zee is a strong performer in a turbulent and rapidly shifting media environment. They have a strong portfolio of assets, including 37 channels across five categories in India, and 39 international channels. Besides their India reach, they reach about half a billion people in 170 countries,” Utkarsh pointed out.
“They have been quick to move to OTT as well with Zee5, although their offering there lags in terms of what Hotstar offers. Plus they have a healthy business in movies, music and events,” he said...
Full Article: https://www.moneycontrol.com/news/business/companies/zee-likely-to-offload-additional-9-stake-comcast-others-likely-to-join-bid-race-4278391.html