Zee Entertainment, Sony Pictures announce merger, Punit Goenka to continue as MD & CEO of merged entity
Zee News
Post-merger between Zee Entertainment and Sony Pictures Networks India, 47.07% stake will be held by shareholders of Zee Entertainment, while Sony Pictures Networks will hold a 52.93% stake in the merged entity. The merged entity will be a publicly listed company.
NEW DELHI: The Board of Zee Entertainment has unanimously given in-principal approval to the merger between Zee Entertainment and Sony Pictures Networks India (SPNI) after several months of hectic deliberations. According to the deal, Sony Pictures Entertainment will infuse USD 1.575 billion in the merged entity. Punit Goenka will continue as MD & CEO of the merged entity.
While giving its in-principal nod to the deal, the ZEE Board said that it evaluated not only on financial parameters but also on the strategic value which the partner brings to the table.
The Board concluded that the "merger will be in the best interest of all the shareholders and stakeholders and it is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading Media & Entertainment Company across South Asia.''
