One97 Communications clarifies its position on news of acquisition talks with Zomato for Paytm's movies, ticketing business

It said that The Company routinely explores various strategic opportunities aimed at enhancing shareholder value.

By  Storyboard18Jun 17, 2024 9:10 AM
One97 Communications clarifies its position on news of acquisition talks with Zomato for Paytm's movies, ticketing business
Zomato on June 16 clarified that it is in discussion to acquire Paytm's movie ticketing and events business.

Paytm-owner One97 Communications clarified its position on the news of acquisition talks with food delivery major Zomato for Paytm's movies an ticketing business. The clarification came through a communication to the exchanges.

It said that The Company routinely explores various strategic opportunities aimed at enhancing shareholder value.

"The potential transfer of Paytm’s Entertainment business, a component of our Marketing Services, is one opportunity under consideration. As noted in our earnings call, our focus will be on payment and financial services along with digital goods commerce, which are designed to help our merchants scale their businesses. However, any discussions currently underway are preliminary and do not involve any binding agreements that require approval or disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, or other applicable laws."

It added, "As such, any information pertaining to these discussions should be considered speculative at this time."

Zomato on June 16 clarified that it is in discussion to acquire Paytm's movie ticketing and events business.

The clarification came after news reports said negotiations over a Rs 1,500-crore deal between One97 Communications and Zomato were in advanced stages.

Zomato said in the statement, "We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law."

This strategic move aligns with Zomato's plan to expand its 'going out' offerings. "The discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses," the company said

First Published on Jun 17, 2024 9:10 AM

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