63-680: Essel Group (also known as Zee Group ) is an Indian conglomerate headquartered in Mumbai . The group has had business interests in mass media , infrastructure and packaging . Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagannath Goenka, the company was expanded and converted into the Essel Group of Industries by his grandson, Subhash Chandra . Chandra is part of the Goenka (Goel) family which owns and operates
126-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
189-584: A Star TV subsidiary. In 1998, Essel/Zee turned to journalism with Zee News , the first 24x7 Hindi Language news channel in India. In 2000, Zee Telefilms ended its partnership with Star TV by buying out its shares in Asia Today Ltd. Star India was now free to produce programmes in Hindi in an attempt to target local audiences and lure Zee's viewers away. Star India would not be Zee's only competition in
252-463: A bigger interest and stake in the entertainment industry. That year it incorporated Zee Telefilms Ltd and then looked for a place where Zee's content could be broadcast. Zee and Star TV entered into a joint venture called Asia Today Ltd so Zee could lease a transponder from satellite network AsiaSat . The transponder agreement was signed in April 1992, and Zee TV began broadcasting on 1 October. It
315-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
378-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
441-487: A later contract for storage of food grains. In 1973, control of the company was handed over to Subhash Chandra , the grandson of Jagannath Goenka. The company renamed itself the Essel Group in 1976. After acquiring a storage contract with the FCI in the same year, Essel established a new subsidiary, Lamina Packers, to manufacture packaging materials. In 1981, Essel obtained lucrative export contracts for rice and soya beans as
504-540: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Siti Cable Siti Networks Ltd , formerly known as Wire and Wireless (India) Limited (WWIL) ,
567-476: A reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. They had also tried to merge Zee with some other Indian company in early 2021, but the Zee board rejected it. The Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue, but "by
630-400: A result of Indo– USSR bilateral trade agreements . According to a 2014 estimate, Essel Group's net worth by 1982 was over ₹ 100 crore (equivalent to ₹ 160 crore or US$ 19 million in 2023). In December 1982, Lamina Packers became incorporated as Essel Packaging , which marked Essel Group's full-blown venture into the packaging industry , with the primary product being
693-577: A result of poor performance in Adampur, the firm moved to the town of Hisar . Goenka attempted to expand the business in 1948 by setting up a pulses polishing factory in Delhi , but he suffered heavy losses, forcing him to cease Delhi operations in 1951. He moved the Delhi machinery to Hisar, where he was able to turn consistent profits by selling polished whole grains to Gujarat and South India . By 1966,
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#1732790683222756-407: A separate stock listing. The group owned and operated amusement parks of "Essel World" and "Water Kingdom" in Mumbai . Essel World was one of the first amusement parks in India; it was shut down in April 2023. The Shirpur Gold Refinery uses the brand name of Zee Gold in a joint venture with the Essel Group for the marketing of the refinery's products; the Essel Group gets royalties of 20% on
819-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
882-543: Is a Direct to Home (DTH) television provider company which provides DTH service through multiple brands such as Dish TV, d2h and Zing Digital . Dish TV was launched on 2 October 2003 as the DTH provider of the Essel Group and was merged with Videocon D2H on 22 March 2018. The Essel Group maintains a 55% stake in the company while the Videocon Group maintains a 45% stake. It became the largest DTH provider in India after
945-533: Is a multi system operator (MSO) promoted by the Essel Group (now just 6.1% minority stake holder). The company provides digital cable television services in India and is headquartered in Noida , Uttar Pradesh . WWIL was formed as a part of the de-merger of Zee Entertainment Enterprises Limited – ZEEL, formerly known as Zee Telefilms Limited (ZTL) – the publicly listed flagship company of Zee Group. As per
1008-431: Is a media and entertainment broadcasting company. It was the primary profit generating company of the Essel Group. It owns a constellation of entertainment channels under the brand name of Zee and the channels under the brands of Living Entertainment , Big and "&". The Zee Entertainment Enterprise also owns and operates the record label of Zee Music Company and the film studio of Zee Studios . The company
1071-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1134-699: Is the multi-system operator of the Essel Group. It provides cable distribution services for household consumption. Established in 1994 as a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises), it was founded as a separate company of the Essel Group following the de-merger of the Zee Telefilms in 2006. In October 2021, it was reported that promotes have just 6.1% stake left in Siti Networks . DishTV India Limited (abbreviated as DTIL , stylised as dishtv )
1197-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
1260-591: The Bombay High Court asked the Zee board to call an EGM as demanded by shareholder Invesco, and counsel appearing for Zee Entertainment said the company will inform the court of the date of the EGM by the morning of October 22. On 7 December, Invesco heading towards a resolution, Invesco was expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity. On 22 December, board of Zee Entertainment Enterprises approved
1323-577: The Enforcement Directorate . The Essel Group has divested a part of its shares in the company for the repayment of pending dues, reducing its stake in the company to 22.37% with much of the remaining stake still pledged as collateral to the remaining dues. In September 2021 ZEEL Announced merger with Sony Pictures Networks India . In October 2021, it was reported that founder Subhash Chandra and his son, Punit Goenka together own just 3.99% stake of Zee Entertainment . On 22 December
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#17327906832221386-611: The Mumbai Football Club that year, which, though it outlasted Essel's investment in sport broadcasting, was defunct by 2019. In 2016, Zee decided to cut its losses and sold all its sport broadcasting assets to Sony . The joint distribution venture with Turner India ended in 2018. By 2019, Zee Entertainment Enterprises Ltd (ZEEL) was Essel Group's only profit-generating company; the group had accumulated an overall debt of around ₹ 20,000 crore (equivalent to ₹ 250 billion or US$ 3.0 billion in 2023). During
1449-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
1512-579: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
1575-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
1638-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
1701-639: The Scheme of Arrangement approved by the High Court in Mumbai , all the cable TV distribution business within ZEEL and Siti Cable Networks Limited (Siti Cable) was transferred to WWIL as of 31 March 2006. Siti Cable was a 100% subsidiary of Zee Telefilms Limited. The cable operations of Siti Cable were launched in June 1994. SITI Cable was known as Wire and Wireless (India) Limited till 5 September 2012 wherein after it
1764-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
1827-607: The Zee Institute of Media Arts (ZIMA) which is owned by Zee Learn, the schooling subsidiary of the Essel Group. The Zee Media Corporation was formerly a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises) and existed under the name of Zee News Limited. It was demerged as a separate company of the Essel Group in 2006. The Zee News Limited was renamed to Zee Media Corporation in 2013. Siti Networks Limited (abbreviated as SNL ; formerly Wire & Wireless India Limited ; alternatively Siti Cable )
1890-653: The Zee Institute of Media Arts (ZIMA), Zee Institute of Creative Arts (ZICA) and the Himgiri Zee University, Dehradun (HZU). The company also promoted and operated he ZeeQ channel of the Zee Entertainment Enterprises. The student coaching firm MT Educare became a subsidiary of Zee Learn following an acquisition in May 2018. It has been inactive since 2020 and has become a direct subsidiary of Zee Entertainment Enterprises despite having
1953-609: The board of Zee Entertainment Enterprises approved the merger with Sony Pictures Networks India . and now pending for government approval. The Zee Learn Limited (abbreviated as ZLL ; informally referred to as Zee Schools ) is the for-profit education company of the Essel Group. Incorporated in 1958, the company did not begin operating until 2010. Zee Learn founded the private school chains of Kidzee preschools and Mount Litera Zee K–12 schools. As of 2019, it had more than 1,900 Kidzee preschools and 120 Mount Litera Zee schools across India and three institutes of higher education ;
Essel Group - Misplaced Pages Continue
2016-677: The brand name of Zee including the English language news channel WION . The Zee News channel is the flagship channel of the company. The Zee Media Corporation also owns and operates the ZEE5 distribution platform. It was involved in a joint venture with the Dainik Bhaskar Group for the publication of the Daily News & Analysis newspaper but the paper was discontinued in 2019 after suffering loses. The corporation also runs
2079-667: The coming years. Both international and regional broadcasters ate away at Zee's market share, some substantially. Zee News saw its market dominance broken with the emergence of competing channels such as Aaj Tak , STAR News , and NDTV (after its own separation from STAR News). Trying to get a competitive edge, Zee Telefilms entered into a joint venture with Turner Broadcasting System in 2002 so Zee's subscription packages could include Turner subscription channels such as Cartoon Network , Pogo , and HBO alongside Zee Telefilm channels. Essel also had high hopes for another market and more viewers when, through its subsidiary Dish TV , it launched
2142-577: The conduct of the rights auction. In 2005, Zee went forward with launching the Zee Sports channel, and in the following year it bought Taj Television , which operated the Ten Sports channels. After years of failing to get cricket broadcasting rights, in 2007 the Zee firms funded their own Indian Cricket League (ICL) and televised its games, but it never gained traction and was phased out after two seasons. Under its own name, Essel Group launched
2205-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
2268-467: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
2331-500: The events that transpired during February-April 2021 pointing Invesco purposed deal with Reliance Industries . Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company. On 21 October,
2394-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
2457-563: The firm was operating one dal mill and two cotton ginning factories. In 1967, the business suffered a series of losses, leaving the Goenka family at a net deficit of ₹ 600,000 (equivalent to ₹ 32 million or US$ 380,000 in 2023). Between 1967–68, the Goenkas' connections in the Food Corporation of India (FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned barley but also
2520-411: The first direct-to-home television in India on 2 October 2003. In 2006, Essel separated Zee Telefilms Ltd into three companies: Zee News Ltd, the group's news broadcasting subsidiary; Wire & Wireless India Ltd (later renamed to Siti Networks ), the cable distribution subsidiary; and Zee Telefilms Ltd, which remained the group's direct consumer broadcasting arm. (Just a year later, Zee Telefilms Ltd
2583-439: The group while Wire & Wireless India Limited (later renamed to Siti Networks ) became the cable distribution company of the group. Following the segregation, Zee Telefilms was rebranded as to Zee Entertainment Enterprises. Between 2002–2018, the Zee Entertainment Enterprises was involved a joint venture with american distribution brand Turner India for the distribution of channels in India, Nepal and Bhutan . The company
Essel Group - Misplaced Pages Continue
2646-623: The group; he was also the chairman of the company and a former member of the Rajya Sabha . Experiencing financial troubles in 2019, Essel sold off several of its assets, including Essel Propack and stakes in Zee Entertainment Enterprises . In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in food grains at the mandi ( product market ) in Adampur, Hisar . In 1946, as
2709-719: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
2772-509: The laminated tube units that originated with Lamina Packers. In 1983, the group also began investing in a future amusement park in Mumbai. EsselWorld opened six years later, becoming India's first amusement park. Although the park was partly meant to signal that its parent corporation wanted to be a major force in the entertainment industry , EsselWorld had always been unprofitable until its shutdown in 2023. As of 1992, Essel Group began to take
2835-480: The main demands was the removal of Punit Goenka , son of the Zee Network founder. However the Zee board rejected the demand from Invesco to convene an extraordinary general meeting. Invesco Developing Market Funds Moves to a National Company Law Tribunal (NCLT) and the Bombay High Court , seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that
2898-456: The merger with Sony Pictures Networks India . Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on
2961-472: The merger. The company is also partnered with The Times Group owned MX Player for streaming services . In May 2021, it was reported that promoters' shareholding in Dish TV has fallen to just 5.67% and Yes Bank has become biggest stock owner of Dish TV . The shareholding further fell to 4.04% by 2023. The Zee Entertainment Enterprises Limited (abbreviated as ZEEL ; formerly Zee Telefilms Limited )
3024-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
3087-735: The net profit for the brand usage. The Refinery recently went public diluting Essel Group's stake to 43.66%. The group also operated the online lottery Playwin in Sikkim . The lottery however ceased operation in 2020, following the sale of assets by the Essel Group for the repayment of pending debts. Essel Group had founded and operated Essel Propack until sale of their stake in 2019. Between 2020 and 2021, Essel Group sold Essel Finance's MSME loan book to Adani Capital , and Essel Mutual Fund to Navi Group . On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of
3150-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
3213-416: The next year, Essel Group sold off part of its pledged shares in ZEEL for the repayment of some of its debt. Invesco Oppenheimer acquired an 11% stake in the company, while Essel Group's decreased to 22.37%. The Zee Media Corporation Limited (abbreviated as ZMCL ; formerly Zee News Limited ) is the news broadcasting company of the Essel Group. The company operates a constellation of news channels under
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#17327906832223276-731: The parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
3339-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
3402-481: The shareholder has been demanding. OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it is a classic case of Forum shopping . On 11 October 2021, Invesco wrote an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to
3465-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
3528-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
3591-613: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
3654-470: Was India's first Hindi Language satellite channel, and by 1994 it had captured 65% of the satellite market share. Zee TV remained the market leader until 2000. In 1994, Essel Group incorporated Siti Cable to be the distribution subsidiary of Zee Telefilms. Siti would provide cable service to customers to expand the reach of Zee's satellite channels. The company continued to develop entertainment channels that successfully competed with Star India ,
3717-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
3780-482: Was incorporated in 1992 as the Zee Telefilms Limited, the Essel Group's venture into mass media . It launched its flagship television channel, Zee TV on 1 October 1992. In 2006, two subsidiaries of the company were de-merged from the Zee Telefilms Ltd and segregated as distinct ententes under the Essel Group. Zee News Ltd (later renamed to Zee Media Corporation) became the news broadcasting subsidiary of
3843-482: Was involved in sports broadcasting between 2004–2016. It launched its own private cricket league, the Indian Cricket League which held two seasons between 2007–2009 but the league failed to gain traction. In 2016, it sold off all its sports broadcasting assets in the venture to Sony . As of 2020, the company has suffered successive reduction in revenue and has been subjected to investigative probes by
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#17327906832223906-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
3969-463: Was renamed Zee Entertainment Enterprises Ltd , and in 2013 Zee News Ltd became Zee Media Corporation Ltd .) Zee Telefilms was trying at this time to enter Indian sports broadcasting , but acquiring cricket broadcasting rights proved very difficult. In 2004, Zee briefly secured rights from the Board of Control for Cricket in India (BCCI), but the contract was canceled following a legal complaint over
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