Zee Entertainment Enterprises Ltd today posted Q2 net profit of Rs110.95 crore, down 37.72% year-on-year. Total sales was down 5.44% to Rs540.48 crore. Ad revenues declined 11% y-o-y to Rs247.6 crore, while subscription revenue grew 8% to Rs243.47 crore. The company posted lower revenues on all three segments of its business–content & broadcasting, education and film production & distribution.
| 2Q 2009 | 2Q 2008 | |
|---|---|---|
| Net Profit | Rs110.95 crore | Rs178.15 |
| Revenue | Rs540.48 crore | Rs571.67 |
The company said it proposes to acquire the regional entertainment channels currently under group firm Zee News Ltd. The acquisition will be funded by issue of new shares of Zee Entertainment to shareholders of Zee News, the company said in a statement.
The arrangement is seen to be part of a move to put in place clearer lines of ownership between the four brothers of the Goel family that owns the Zee Group. More details from The Times of India.
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