No merger with Star, says Zee

NEW DELHI, JAN 13: A statement from the Zee Telefilms Ltd board of directors today sought to set at rest speculation about a merger with Star TV. While declaring the company net profit for the nine-month period ending December 31, the statement said the directors unanimously decided not to pursue the discussion with Star until a “true and fair valuation” of the Zee Group’s business was done. It said this was consistent with Chairman Subhash Chandra Goel’s commitment that the interest of minority shareholders would “not be compromised”.

The statement also announced the board’s approval of eight new channels, six of them regional. It added: “These pay channels, to be transmitted digitally, will be uplinked from India at an investment of Rs 110 crore and are expected to bring in substantial advertising and subscription revenue.”