Zee Entertainment Announce Merge With Sony Pictures Networks India
Zee Entertainment approves for a merge with Sony Pictures Networks India to form one of the biggest entertainment networks in India. Zee to have 47.07 per, while Sony Pictures to have 52.93 per cent in the merge company
Zee Entertainment Enterprises has officially announced approving the merger with Sony Pictures Networks India (SPNI). The merge will form one of the biggest Entertainment networks in India. As per the statement, Zee Entertainment will hold 47.07 per cent stake, while Sony India will hold a majority stake of 52.93 per cent in the merged company.
On Wednesday (September 22), the board members of Zee Entertainment including the directors unanimously announced above the approval of merge with Sony Pictures Networks India. Punit Goenka will continue to perform his duties as the Managing Director (MD) and CEO of the merged entity. On the other side, the promoters of Sony India will have the right to appoint the majority of directors to the merged company, apparently this was unleashed in the board meet today.
Mentioning about the surprise merge, R. Gopalan (Chairman, Zee Entertainment) said in a statement, “ZEEL continues to chart a strong growth trajectory and the Board firmly believes that this merger will further benefit ZEEL. The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes.”
ZEE and Sony Pictures would combine their linear networks, digital assets, production operations and programme libraries apparently as a part of the transactions post merging officially.
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