Zee Entertainment to raise $241 million for stategic initiatives
- The deal covers 39 FIFA events over eight years through 2034 and also includes the next World Cup in 2030
Indian television broadcaster Zee Entertainment said on Wednesday it would raise 23 billion rupees ($241.43 million) to fund its strategic and business initiatives.
The company, which did not disclose a medium for the raise, said the board will deliberate further on options for raising funds
The fundraise comes days after the broadcaster struck a deal with FIFA to broadcast the 2026 World Cup in India, ending uncertainty over the tournament’s availability in one of the last major markets where rights had remained unsold.
The deal covers 39 FIFA events over eight years through 2034 and also includes the next World Cup in 2030. Financial terms were not disclosed.
Broadcaster Zee secures rights for World Cup in India
The company has expanded its presence in sports broadcasting by launching a dedicated portfolio of sports channels.
The company previously invested in new businesses, including micro-drama app Bullet and visual-effects studio PhantomFX, as it seeks to expand beyond traditional television broadcasting.
Zee Entertainment reported a loss for the March quarter on May 19, as margins were pressured by higher expenses and tighter advertising budgets following the Middle East crisis.
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