Zee Media, through its fully owned subsidiary IndiaDotcom Digital (IDPL), has entered into an agreement with NewsReach, a media, PR, and advertising firm, for an investment of Rs 8.76 crore.
In a regulatory filing, the company stated that it plans to invest in NewsReach by subscribing to equity shares and/or convertible equity-linked instruments like Optionally Convertible Redeemable Preference Shares of NewsReach.
The investment will take place in phases and the first tranche is expected to be completed by or before June 30, 2024, the company said.
“One equity share and 2,279 Optionally Convertible Redeemable Preference Shares, which together make up about 7.9% of NewsReach’s total capital when fully diluted, are part of the tranche – 1 investment,” it added.
Incorporated in August 2018, NewsReach is a PR-tech and content marketplace. It provides PR and advertorial support/ inventories to companies across India and abroad. Also, it helps content creators to buy, sell and license their content though their platform.
