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Zee Entertainment surprises with ₹13.35 crore profit in the fourth quarter of FY2024

21 May 2024

It had recorded a ₹196.03 crore loss in the quarter ending March 2023.

After the Zee-Sony deal was cancelled in January 2024, Zee turned the situation around and posted a ₹13.35 crore profit in the quarter ending March 2024. This profit is attributed to the recovery in macro advertising spending, especially by FMCG consumers, and a 10.6% hike in domestic ad revenue in the last quarter of FY2024.

It spent ₹366.59 crore till September 2023 on compliance and making many irreversible changes to ensure the success of the Sony deal. It earned ₹58.5 crore profit in Q3 FY2024. 

However, the two companies couldn't reach an agreement on leadership. By the time it was finalised, Sony decided to end the deal and sue Zee for a $90 million termination fee.

Moreover, Zee faces the risk of another potential lawsuit from Disney Star if it fails to pay the latter for the $1.4 billion ICC TV rights deal.

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