Zee Media will be setting up a wholly-owned subsidiary to bring forth ancient knowledge of Indian scriptures that intersect with modern science, the company said in a statement on June 14.
The board has approved the new entity which will focus on content around spirituality, mindfulness and wellbeing through launch of digital and other media properties in the infotainment space. Shares of Zee Media edged higher in early trade after the announcement.
"The establishment of WOS is a strategic move to tap into the growing interest in spirituality and wellbeing. By integrating ancient knowledge with modern science, the new entity aims to create a unique niche in the media landscape, providing valuable content to a global audience and contributing to Company’s growth and diversification," Zee Media said in the regulatory filing.
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Zee Media would subscribe 10,000 equity shares of Rs 10 each of the proposed WOS and infuse Rs 1 lakh initially, and invest further funds in one or more tranches into the WOS depending upon the requirement, the company said.
At 9:33 am, Zee Media share were trading flat at Rs 14.87 on the National Stock Exchange (NSE). In the last one year, the stock has risen 84 percent, beating benchmark Nifty's returns of 24 percent during this period.
Earlier, Zee Media reported a net loss of Rs 6.51 crore in the quarter ended March 2024, a significant improvement compared to the net loss of Rs 45.79 crore in the same quarter of the previous year. Sales for the quarter rose by 21.19b percent YoY, reaching Rs 178.98 crore.
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For the full fiscal year (FY24), Zee Media reported a net loss of Rs 98.43 crore, compared to a net loss of Rs 68.81 crore in the previous fiscal year. Annual sales declined by 11.4 percent YoY, totaling Rs 638.29 crore in the year ended March 2024, down from Rs 720.62 crore in the year ended March 2023.
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