Zee firms TV shopping foray with acquisition of 2 Living Media Cos

The Board of Directors of Zee Media Corporation, at a meeting held on February 27, 2016, approved in principle, acquisition of up to 80 per cent equity stake by the company in both Today Merchandise and Today Retail Network.

Today Merchandise and Today Retail Network are wholly-owned subsidiaries of Living Media India, an India Today Group entity. The target companies, which are currently into losses, have been developing infrastructure for launching a TV shopping channel and have also been operating an e-commerce website, www.bagittoday.com, to complement the TV shopping business.

In a statement to the BSE, Zee Media said that TV shopping, with its promising potential, held great investment value for the company. It further said that with its investment in the two companies, Zee would be able to not only shorten the launch timing of the TV shopping, but also scale up at a faster pace. The company, with its existing broadcast operations, will also be able to derive the synergy benefits from this proposed investment.

Today Merchandise was incorporated on August 20, 2007. During financial year ended March 31, 2015, the company achieved turnover of Rs 3.84 crore.

Today Retail Network was incorporated on August 20, 2007. During financial year ended March 31, 2015, the company achieved turnover of Rs 37.36 crore.