Zee-Invesco saga hots up as Reliance name is dragged in

The dispute between Zee Entertainment and its largest shareholder, Invesco, which holds an 18% stake, took a turn for the worse on October 13 after Invesco revealed that it had facilitated merger talks between Zee and Reliance Industries in February and March this year. Reliance owns the listed Network18 Media and Investments, which has interests across television, digital content, print and film production. The revelation comes just as Zee has signed a non-binding deal to merge with Sony India.

Reliance Industries has confirmed that Invesco arranged discussions with Zee MD & CEO and founding family member Punit Goenka which led to Reliance proposing a merger between its media assets and Zee at what it called fair valuations.