Media Entertainment & Art Community

The most prominent bet by billionaire Gautam Adani in the thriving media industry was announced on Tuesday by India’s Adani Group: its media unit will purchase a majority stake in NDTV. In addition to making an open offer for a further 26% stake, Adani’s unit will indirectly acquire a 29.18% stake in New Delhi Television (NDTV). According to the statement, the open offer would be for 294 Indian rupees ($3.68) per NDTV share, valued 4.93 billion Indian rupees ($61.73 million). Adani had previously disclosed on Tuesday that it has paid 1.14 billion rupees to acquire Vishvapradhan Commercial Pvt Ltd (VCPL). VCPL owns warrants of NDTV shareholder RRPR, and on Tuesday it exercised its right to convert those warrants into shares equal to 99.5% of RRPR. Leading media company NDTV runs three national news channels: NDTV India, NDTV Profit, and NDTV 24×7. In NDTV, RRPR owns a 29.18% stake. In March of this year, Adani Group acquired a minority stake in Quintillion, a local digital business news site. According to a statement from Sanjay Pugalia, CEO of AMG Media Networks Limited, the NDTV acquisition will open the door for new age media on all platforms. Mukesh Ambani, the chairman of the oil-to-telecom conglomerate Reliance Industries who also has a stake in India’s thriving media sector and controls Network18, is a rival of Gautam Adani. Adani Group has seven publicly traded firms that operate industries like running ports and airports, generating and transmitting electricity, and trading coal and gas.

It’s evident that the Miss Universe beauty pageant made a historic decision when it decided to open up the competition’s eligibility to mothers and married women. Beginning in 2023, Fox News reports, eligibility requirements for pageant participants will no longer include marital status and parental status. It has always been a rule of the Miss Universe pageant that winners must be unmarried and keep it that way for the duration of their reign. Mothers have historically been disqualified as well, and winners are frequently obligated to abstain from pregnancy while holding the title of Miss Universe. Mexico’s Andrea Meza, the winner of Miss Universe 2020, applauded the rule modification. Established rules exist, she said, calling them “unrealistic.” Meza expressed her admiration for the development in an interview with Insider. “Just like society changes and women are now occupying leadership positions where in the past only men could, it was about time pageants changed and opened up to women with families.” The existing rules, according to Meza, are “sexist” and “unrealistic” in their attempt to select a winner who will appeal to the widest possible audience. People who have traditionally desired to see a single, attractive lady who is open for a relationship are opposed to these developments, Meza continued. “They always wanted to see a woman that, from the outside, looks so perfect that she’s almost unreachable. The former is sexist and the latter is unrealistic.” More than 160 territories and nations around the world, including FYI and Telemundo in the United States, broadcast the Miss Universe pageant. India’s Harnaaz Sandhu was named Miss Universe 2021. Punjab native Harnaaz Sandhu represented India at the 70th Miss Universe 2021 pageant in Eilat, Israel. Only two Indian women, actresses Sushmita Sen in 1994 and Lara Dutta in 2000, have ever won the Miss Universe title before Harnaaz Sandhu. Source: ANI

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have approved the proposed merger between ZEE and Culver Max Entertainment, formerly Sony Pictures Networks India (SPN). According to a statement from ZEE, approvals mark a “firm and positive step” in the entire merger approval process and give the company permission to go on to the process’ subsequent stages. The National Company Law Tribunal (NCLT) and other regulatory approvals will be requested by the two companies, who had already applied for clearance from the Competition Commission of India (CCI). On December 22 of last year, ZEE and SPN officially agreed to merge their businesses. ZEE and SPN will combine as part of the proposed merger, and after it closes, the combined business will list on Indian stock exchange. According to the provisions of the formal agreements, SPN will have $1.5 billion in cash on hand (assuming an INR to USD conversion rate of 75:1) at closing, primarily due to an investment from the company’s current shareholders and the promoters of ZEE. In accordance with a non-compete agreement, SPE will pay the founder promoters of ZEE Rs 1101.31 crore as a non-compete fee. The promoters will use this money to inject primary equity capital into SPN, giving them the right to purchase an additional 2.11 percent of the combined company’s shares. SPE will hold 50.86% of the combined company after the merger, while ZEE promoters would hold 3.99%. Existing ZEE shareholders will own 45.15 percent of the combined company’s shares. Punit Goenka, MD & CEO of ZEE, will serve as the MD & CEO of the combined business, according to the agreement. There will be nine directors on the board; five of them will be chosen by the Sony Group, and the remaining three will be independent.