Ad revenues are expected to rise in H2FY22 and reach pre-Covid-19 levels, but this is contingent on market share recovery across key channels," the brokerage firm said.
Zee is also targeting the release of 17-18 original shows, with the view of increasing the revenues from Zee5. "With a clear focus on market share gains, content launches should remain at elevated levels in H2.
While the Q2 print was below the brokerage's expectations, a few notable positives were there, including improvement in viewership share to 17.7 per cent from 17 per cent in Q1 and sustained traction for Zee5. "The successful competition of this, along with shareholder approval for the deal, would be the key near-term triggers for a re-rating," according to analysts at Emkay Global Financial Services. While announcing September quarter (Q2) results on November 11, 2021, the company's management stated that the due diligence process for the Zee and SPNI merger is progressing well. About 53 per cent of the merged entity would be owned by Sony and the rest by Zee’s holders, according to the non-binding agreement signed in September. Zee Entertainment Enterprises and SPNI had announced a merger in September of their India businesses with Sony holding the majority stake.
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