Zee Media Plans to Generate Content Based on Scriptures that Address Spirituality and Welfare

Zee Media will establish a wholly-owned subsidiary to disseminate ancient knowledge of Indian scriptures that intersects with current science, the firm said on June 14.

The board has authorized the new organization, which will focus on content related to spirituality, mindfulness, and health through the development of digital and other media properties in the infotainment arena.

"The formation of WOS is a deliberate effort to capitalise on the rising interest in spirituality and health. The new firm aspires to create a unique niche in the media landscape by combining old wisdom with modern science, giving quality material to a worldwide audience while also contributing to the Company's development and diversification, Zee Media stated in a regulatory filing. Zee Media would subscribe 10,000 equity shares of Rs 10 each in the proposed WOS, inject Rs 1 lakh initially, and invest further money in one or more tranches into the WOS as needed," the firm claimed.

At 9:33 a.m., Zee Media shares were trading flat at Rs 14.87 on the National Stock Exchange (NSE). The stock has climbed 84 percent in the last year, outperforming the benchmark Nifty, which has returned 24 percent.

Previously, Zee Media recorded a net loss of Rs 6.51 crore for the quarter ending March 2024, a considerable improvement from the net loss of Rs 45.79 crore in the same quarter the previous year. Sales during the quarter increased by 21.19 percent year over year, totaling Rs 178.98 crore.

Zee Media recorded a net loss of Rs 98.43 crore for the fiscal year (FY24), up from Rs 68.81 crore the previous year. Annual sales fell by 11.4 percent year on year to Rs 638.29 crore in March 2024, from Rs 720.62 crore in March 2023.