Zee Entertainment to Invest up to ₹1.16 Billion in Phantom Digital Effects

Zee Entertainment Enterprises Limited informed the exchanges via a press release that it plans to invest up to ₹1.16 Billion in Phantom Digital Effects Limited through compulsorily convertible debentures, strengthening its push into high-end content production and post-production capabilities.

Phantom, which operates in the media and entertainment space, reported turnover of ₹1.03 billion in 2024-25, the company said.  The company specialises in visual effects, animation, digital intermediate and other post-production services for domestic and global clients.

Zee said the investment is strategic rather than purely financial, aimed at building a long-term partnership. The move will complement its content creation strength and distribution reach with Phantom’s execution capabilities in VFX and film production.

The company is betting on rising demand for premium content across OTT platforms, films and franchise-led storytelling, where execution quality, speed and scale are becoming critical.

The investment will be made in cash, with no immediate change in shareholding or control. Any equity stake will arise only upon conversion of the debentures, subject to agreed terms.

Zee also confirmed that the transaction does not fall under related party dealings, and the promoter group has no interest in Phantom.
No regulatory approvals are required for the deal, and the investment will be completed as per mutually agreed timelines.