Zee Entertainment and Sony Pictures India have decided to merge

Zee Entertainment & Sony Pictures

A big announcement has been made today for the merger between Zee Entertainment and Sony Pictures Networks India.  The board of ZEEL has given its in-principle approval to the merger with Sony Pictures.  After this merger, Puneet Goenka will continue to be the Managing Director (MD) and CEO of the new company to be formed.  Sony will invest Rs 11,605.94 crore in the new company formed after this merger. 

After the merger, Zee Entertainment will hold 47.07 per cent stake.  Sony Pictures will hold 52.93 per cent.  The merger company will also be listed on the Indian stock marketThe  TV business, digital assets, production operations and program library of both the companies will also be merged.  Please inform me that an exclusive non-binding term sheet has been signed between ZEEL and SPNI.  The due diligence of the deal will be completed in the next 90 days. 

The existing promoter family Zee will have the option to increase its shareholding from 4 per cent to 20 per cent.In the new company formed after this merger, Puneet Goenka will continue to be the Managing Director (MD) and CEO of the company.  Sony Group will have the right to nominate most of the directors on the board.  Apart from the financial matters of the company, the board has also discussed the future expansion plan. 

The board has said that there should be no harm to the interests of the shareholders and the shareholders due to the merger, in the new company formed after this merger, Puneet Goenka will continue to be the Managing Director (MD) and CEO of the company.  Sony Group will have the right to nominate most of the directors on the board.  Apart from the financial matters of the company, the board has also discussed the future expansion plan.  The board has said that there will be no harm to the interests of the shareholders and the shareholders due to the merger.

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