Zee Telefilms to pick up 60 pc stake in Venus

Mumbai, Mar 31 (UNI) Subash Chandra-promoted Zee Telefilms has agreed, in-principle, to acquire 60 per cent stake in Venus Films and Venus Records and Tapes for an undisclosed sum, subject to due diligence and final approval from board of directors of the entertainment and media company.

Venus Films , which has rights on negatives of 30 blockbuster films like Baazigar, Yes Boss and Akele Hum Akele Tum, have also produced films like Josh, Mela, Baadshah, Garam Masala, Kyunki and Hulchul, while Venus Records and Tapes has a repertoire 2500 titles.

Commenting on the development, Essel Group senior vice president Ashish Kaul said, '' We look at this acquisition as an extension of our existing business, as we are a major consumer of film and music products. This will be in synergy with business of Zee Cinema and Zee Music. The audio and film rights will strengthen the programming of these channels.'' Describing it mutually beneficial, Ganesh Jain of Venus said '' Zee will have access to all films of Venus and Venus will have the support of India's largest television network. Being one of the leading music companies, we will be able to provide a strong support for Zee Cine Awards overseas and to the programming content of Zee Muzic.'' UNI SA SKB1909