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In a filing to the BSE, Zee Entertainment said, "Asia Today Ltd Mauritius, a wholly-owned overseas subsidiary of the company, has approved minority strategic investment into MirriAd Ltd UK, an entity which specialises in brand integration into television programming."
The company clarified to the BSE on reports of it acquiring stake in a UK-based digital firm MirriAd. The filing said: "The proposed investment by the said subsidiary for acquiring minority stake in MirriAd, UK is an extension of integration of UK brands into India-produced popular daily soaps and in our view is not a price sensitive information and hence not reported to the exchanges."
During the third quarter of 2012-13 fiscal, the company invested substantially in content and marketing of existing channels as well as launch of HD channels, Ten Golf, Ditto TV, Zee Alwan, Zee Bangla Cinema and Zee Q.
The Mumbai-based company posted 40.5-percent jump in consolidated net profit at Rs 193.31 crore for the third quarter ended December 31, 2012 against a net profit of Rs 137.61 crore for the same period last year.
Shares of the company today rose by 1.90 percent to settle at Rs 214.75 apiece from its previous close at the BSE.
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Zee Entertainment to buy stake in UK firm MirriAd
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