MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) has acquired the balance 26 per cent equity stake in Zee Network Distribution Ltd. The company informed the Bombay Stock Exchange about the development in a letter.

“In this regard, we wish to inform you that, upon completion of all conditions precedent including inter alia change of name of the subsidiary after removing the word 'Turner' to Zee Network Distribution Ltd, the company has concluded the said acquisition and accordingly, Zee Network Distribution Ltd has now become a wholly-owned subsidiary on and from 9 August 2019,” the company said in it.

Zee Network Distribution Ltd was incorporated on 20 December 2001 as a joint venture entity between ZEEL and Turner International India Private Ltd (Turner) for engaging in the business of distribution of television channels of Zee Network and Turner Group.

“The channel distribution business in the recent past was shifted to various entities and is currently housed under the company directly since 2016 and consequently there have been no active operations of ZNDL since last few years, except for holding 50 per cent equity stake in Zee-Star distribution joint venture 'Media-pro Entertainment Private Ltd’ (Mediapro), which discontinued the distribution business in 2014,” the company stated.

“In view of this, the joint venture partners had mutually agreed to terminate the joint venture agreement with the acquisition of Turner's equity stake of 26 per cent (26,000 shares of Rs 10  each) in ZNDL by the company at par value aggregating to Rs 260,000/-, thereby making ZNDL a wholly-owned subsidiary of the company,” the letter added.