Zee Entertainment to raise $241 million for stategic initiatives

Indian television broadcaster Zee Entertainment said on Wednesday it would raise 23 billion rupees ($241.43 million) to fund its strategic and business initiatives.

Here are some key details:

* The company, which ‌did not ⁠disclose ⁠a medium for the raise, said the board will ​deliberate further on options for raising funds


* The fundraise comes ​days after the broadcaster struck a deal with FIFA to broadcast the 2026 World ​Cup in India, ending uncertainty over ⁠the tournament's ‌availability in one of ​the last major ​markets where rights had remained ⁠unsold.

* The deal covers 39 FIFA events ​over eight years through 2034 and ​also includes the next World Cup in 2030. Financial terms were not disclosed.

* The company has expanded its presence in sports broadcasting by launching a dedicated portfolio of ‌sports channels.

* The company previously invested in new businesses, including micro-drama app Bullet ​and visual-effects ​studio PhantomFX, as ⁠it seeks to expand beyond traditional television broadcasting.

* Zee Entertainment reported a loss for the March quarter ​on May 19, as margins were pressured by higher expenses and tighter advertising budgets following the Middle East crisis.