Zee to induct strategic partner for

Zee Entertainment Enterprises Ltd wants to induct a strategic investor in its joint venture firm India Web Portal Ltd (IWPL), which runs and a slew of other online news media properties.

IWPL may use the money raised to fund its inorganic growth ambitions in the healthcare and technology content spaces, besides scaling up, news portal and entertainment website

In a communication to the stock exchanges, ZEEL said that its board has approved the stake sale proposal as part of which IWPL would issue convertible preference shares to the new investor. IWPL is a joint venture between ZEEL and American digital media publisher Penske Media Corporation.

The company claims that generates 30 million page views every month. According to Comscore data, it gets 2.5 million unique visitors every month.

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