Zee Entertainment to merge with Sony Pictures Networks India
In accordance with its aim of generating better growth and profitability as a major media and entertainment organization across South Asia, Zee Entertainment Enterprises' board of directors authorized the company's merger with Sony Pictures Networks India (SPNI). In a stock exchange filing on September 22, Zee stated, “The shareholders of SPNI would hold a majority shareholding in the merged entity.” “As part of the acquisition, SPNI's owners will also inject growth capital into the company, resulting in SPNI having about $1.575 billion at closure to pursue future development opportunities.” SPNI shareholders will own 52.93 percent of the merged business after the proposed merger, while Zee shareholders will own 47.07 percent. Punit Goenka will remain the merged company's managing director and CEO. The Sony Group will be able to nominate a majority of the board of directors for the merged firms. The Zee board of directors approved the execution of a non-