MUMBAI:TV Today Network (TVTN) has approved the execution  of investment agreement  and letter agreement  with Today Merchandise Private Limited (TMPL), Living Media  India  Limited  (LMIL) and  Zee  Media  Corporation   Limited  (Zee).

TVTN also approved the promoter promotion agreement  with TMPL, whereby  TVTN would be providing advertising and promotional services to TMPL of Rs 2.5 crore per annum for a period of five years.

In consideration of providing the promoter promotion advertisement support, TVTN shall be issued CCDs of TMPL worth Rs 12.5 crore (being the amount of promoter promotion support to be provided by TVTN).  

An official statement said such CCDs can be converted into equity shares after the expiry of five years from the date Zee has invested in TMPL.