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 8220;true and fair valuation8221; of the Zee Group8217;s business was done. It said this was consistent with Chairman Subhash Chandra Goel8217;s commitment that the interest of minority shareholders would 8220;not be compromised8221;.

The statement also announced the board8217;s approval of eight new channels, six of them regional. It added: 8220;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.8221;