Media baron Subhash Chandra‘s Zee Telefilms Ltd, which announced last Thursday that its promoters had placed 5 million shares with a U.S.-based institutional investor, will receive around Rs 500 million in the transaction, merchant banking sources point out. CIBC Oppenheimer paid slightly less than Rs 100 a share for its stock holding in Zee, the sources say.

The shares reportedly represent 1.3 per cent of ZTL‘s paid-up capital and lowers the promoters‘ stake to around 59 per cent. The group promoters had earlier borrowed around Rs 2200 million from ZTL for the Essel group. They had announced that the entire amount would be returned by June 30. However, the Essel group has since then managed to pay back Rs 600 million.

Rajesh Jain - president - corporate finance and strategy, when contacted refused comment on the identity of the FII while maintaining that Zee had raised a total of around Rs 600 million in the current transaction. "The institutional investor who has purchased these shares is a long-term investor in ZTL," an official release had said. Sources aver that if the official figure of Rs 600 million proves true, then it is likely that the balance of Rs 100 million will come from Zee‘s promoters. Head of corporate affairs R.K. Singh has said the money from the transaction would be coming in before the end of the week.

Jain, when queried as to when the balance amount would be returned, said: "We are committed to returning the full amount with interest at the earliest possible time."

With this placement, the promoters‘ holding stands at 59 per cent, foreign institutional investors (FIIs) have 21 cent, financial institutions and mutual funds 9 per cent and the balance is with the public.

The figure of Rs 2200 million is what the Zee Network had reportedly advanced to Essel group investment companies, which was subsequently transferred to cornered bull Ketan Parekh‘s investment companies.

CIBC Oppenheimer‘s interest in Zee stock could be because at Rs 100 a share it is seen as a good buy, the sources say. There is also the added advantage that a bulk amount of stock was being made available to Oppenheimer which otherwise would have had to be mopped up from the market.

Sony Entertainment Television has finally decided to pull the plug on its high profile gameshow Jeeto Chappar Phaad Ke, industry sources indicate. The last of the series, episode number 90, was canned recently, and the show will be going off air by end-September, the sources say.

Rekha Nigam, senior vice-president - programming and production, SET, however denies that JCPK, hosted by filmstar Govinda, is coming to an end any time soon. "We have some great episodes lined up and there is no question of the show going off air just yet," Nigam stresses, adding that, as with all programming on the channel, there is a continuous review process going on. Nigam said the shows were being recorded keeping in mind Govinda‘s busy schedule. "We have enough episodes in the can to see us through for the near term," Nigam adds.

Speculation that JCPK‘s days are numbered has been doing the rounds for a while now and has increased since it went from a thrice a week airing to a twice-a-week show from 2 June. It now airs on Fridays and Sundays with the Saturday slot being given over to movies.

As to the possible reasons for JCPK‘s imminent demise there are many. Falling TRPs is an obvious one. Add the cost factor - an estimated average cost of Rs 4 million per episode - and the returns in terms of ad revenues are just not there. While the same could be said to some extent about Star India‘s Amitabh Bachchan-hosted gameshow Kaun Banega Crorepati vis-୶is TRPs (4.6 as per market research agency ORG Marg‘s Intam data for the week ending 1 July), the difference is in the profile KBC enjoys. KBC has helped lift all the shows which have been worked around it but JCPK was never anywhere close to becoming Sony‘s channel driver.

So what next from the SET stable? All indications are that another possibly even bigger blockbuster show is on the anvil. When and what form it takes is the question.

Keeping in line with its runaway success in The Indian Telly Awards 2001, Star has pocketed 24 awards - seven gold, 13 silvers and seven bronze - at this years‘ PROMAX and Broadcast Designers‘ Association (BDA) Awards in Miami in the US.
Nearly 9,000 entries from across the globe vied for top promotion, marketing and design glories from more than 100 judges at the annual awards. The majority of the award-winning works were from Channel [V].

"These awards speak of the breadth and depth of our dedicated on-air and off-air creative teams. They continue to set the standards for the Asian television industry. We are proud of their achievements," Bruce Churchill, president and chief operating officer of STAR said in the company release.

PROMAX and BDA are international associations of broadcast design and marketing professionals. They offer the world‘s premier educational conferences for promotions, marketing and design executives in electronic media. The two organisations are non-profit associations owned by their members.

PROMAX award winners

BDA award winners