There are two different companies viz. Zee Entertainment which is the main company of the Group and there is Zee Media which owns channels like Zee Business. It was Zee Media that announced results on Wednesday. Zee Media reported a loss of Rs.86 crore in the March quarter but that was more due to an Rs.103 crore impairment that the company has taken on one of its investments in the digital media business. Zee Media did see its advertising revenues robust but the subscription revenues were down. Also, many advertisers had kept their advertisement plans on hold and that was also impacting the numbers of Zee Media.

The case of Zee Entertainment and Dish TV is slightly different. These Essel Group has made some major investments in infrastructure projects which had gone bad. That is a loss of Rs.12,000 crore. Promoters had raised funds by pledging their holdings in Dish TV and Zee Entertainment. Many share holders have been selling these shares and Reliance MF is one such fund that has sold its shares in Zee pledged to them. That is the overhang on the stock over the last few months. That was one of the reasons why some of the mutual funds had rolled over the FMPs since the Zee group did not have the liquidity to pay on time.