Sony’s India unit agrees to absorb Zee Entertainment
The Hindu
Deal entails listing of merged entity, ZEEL’s Goenka as MD
Sony Pictures Networks India Private Ltd. (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have agreed to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.
After closing, the new combined company will be publicly listed in India.
As per the terms of the definitive agreements, SPNI will have cash balance of $1.5 billion at closing, including through infusion by the current shareholders of SPNI and the founders of ZEEL.
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