Zee Entertainment to raise nearly $240 million, to use funds for growth

Zee Entertainment Enterprises’s board has approved a fundraise of up to $239.6 million, the Indian broadcaster said on Thursday.

The company had two major deals – a $10 billion merger with Sony India and a $1.4 billion cricket broadcasting deal with Walt Disney – fail this year, and was forced to cut costs and reduce losses in its business to a meet key profit target.

Zee said it will use the funds to “enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape”.