Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday announced the re-appointment of Punit Goenka as its managing director and CEO for another period of five years.

In a communication to the stock exchanges, the firm said that the board of directors at a meeting held on Tuesday has approved in-principle the re-appointment of Goenka upon conclusion of his current term on December 31, 2019.

It added that the re-appointment, effective from January 1, 2020, will be subject to approval of shareholders, which will be sought by way of postal ballot.

Shares of ZEEL on Tuesday ended lower by 3.31 per cent on the BSE.

The scrip settled at Rs 286.20 — a drop of Rs 9.80 over the last close.

During the second quarter ended September 30, ZEEL had reported total revenues of Rs 2,122 crore, a growth of 7.4 per cent over the corresponding period last year.

The company had said that the growth was driven by the strong performance of domestic broadcast and digital businesses.

While advertising revenue during the period was Rs 1,224.7 crore, a rise of 1.2 per cent over the year-ago period, subscription revenues were placed at Rs 723.5 crore, an increase of 19 per cent.

The company had said that ZEE5, its digital entertainment platform, recorded a peak DAU (daily active user) base of 8.9 million in September and that its users watched an average of 120 minutes of content on the platform even as it expanded in other markets such as Asia Pacific.