 "Zee")
Stocks of broadcasting majors Zee Enter-tainment Enterprises and Sun TV Network have lost between 7 and 14 per cent from their respective monthly highs.
The July-September quarter (Q2 of FY23) numbers of both companies came in below Street estimates but Sun fared better than Zee. Sun’s advertising revenues remained unchanged as compared to the year-ago period while Zee reported a 7 per cent decline.
Both companies were impacted by the drastic cut in advertising by fast-moving consumer goods (FMCG) firms. This is significant as the consumer sector accounts for 50-60 per cent of the advertising pie in the broadcasting space. Zee also saw a market share loss of 130 basis points (bps) on a sequential basis.
