Zee Media to demerge and list print media undertaking
In their meeting held last week, the Board of Directors of Zee Media Corporation has given in-principle approval for Scheme of Arrangement and Amalgamation for demerger of Print Media undertaking of the company into Diligent Media Corporation (DMCL), merger of Mediavest India and Pri Media Services into DMCL and merger of Maurya TV with the company. As part of the Scheme, the equity shares of DMCL shall be listed on stock exchanges.
Print media undertaking includes the DNA business carried out through “I am a dna of India” project and newspaper printing business carried out through Pri Media Services and Mediavest. The turnover of the print media undertaking (including DMCL), based on consolidated financials of Zee Media as of March 31, 2016, stood at Rs 108.30 crore.
The proposed demerger will result in a simplified and efficient business structure.