Food Delivery company Zomato has confirmed that it is in talks to buy Paytm’s movie and event business. The company said in a regulatory filing, “We have noticed that there are reports in the media that Zomato is in talks to acquire Paytm’s movies, ticketing business. This voluntary disclosure is being made to clarify our stand on this matter. We acknowledge that we are in discussions with Paytm for the above transaction.” The filing said that these talks are being done with the intention of strengthening our going-out business.
Paytm also confirmed
In a separate filing, Paytm also confirmed ongoing discussions but did not name Zomato. Paytm said a potential transfer of its entertainment business, which is part of its marketing services, is one of the opportunities being considered. Paytm plans to focus on payments and financial services as well as digital goods commerce. It said any ongoing discussions are preliminary and non-binding, reflecting Zomato’s statement.
Plans to take forward going out offerings
According to media reports, this strategic move aligns with Zomato’s plan to enhance its ‘going out’ offering. Bloomberg had earlier reported that Paytm is in talks with Zomato to sell its movie and event ticketing division as part of a strategic overhaul. The potential deal could value Paytm’s movies and events business at around ₹1,500 crore.
what are share prices
Paytm’s stock closed at Rs 424.90 on Friday, down 0.84 per cent or Rs 3.60. Its 52-week high is Rs 998.30. At the same time, its 52-week low is Rs 310. At the same time, Zomato’s stock closed at Rs 186.20 on Friday, up 0.70 per cent or Rs 1.30. The 52-week high of this stock is Rs 207.30. At the same time, its 52-week low is Rs 72.55.
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