Mumbai, Nov 1 : Subhash Chandra group firm Zee News today said it would acquire 26 per cent stake in Sky B (Bangla), a West Bengal focused media firm, for an undisclosed amount.
In a filing to the Bombay Stock Exchange, Zee News Ltd said its board has approved the acquisition of 26 per cent stake in Sky B (Bangla) Pvt Ltd, which owns infotainment channel Akaash Bangla.
Under a separete agreement, Zee News will now handle marketing, advertisement sales and programming initiatives of Akaash Bangla, at an agreed fee. However, it has not disclosed the fee structure.
The advertisement sales function of Akaash Bangla would now be handled by Zee News, it added. Akaash Bangla is a twenty-four hours Bengali infotainment channel, which is owned by Sky B.
Zee News and Sky B already have a 60:40 partnership in joint venture firm Zee Akaash News Pvt, which owns 24 Ghanta.
"This accord is a win-win for both the companies. We look east as market of strategic importance and would like to strengthen our presence there to emerge as the single largest player in electronic media," Zee News CEO Barun Das said.
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