INSUBCONTINENT EXCLUSIVE:
Sony will hold a majority stake of almost 51 percent in the combined entityZee Home entertainment's board of directors approved the merger
between Sony Pictures Networks India and Zee Entertainment Enterprises Limited (ZEEL), according to a regulatory filing by the media company
to the stock market on Wednesday, December 22
Sony Pictures Networks India (SPNI) will hold a majority stake of 50.86 percent stake in the merged entity
The promoters of ZEE Entertainment will hold 3.99 percent, and the other ZEE shareholders will hold a 45.15 percent stake in the business -
which is set to be among the largest home entertainment networks in the country.The offer requires the combining of tv channels, movie
assets, and streaming platforms of the two competing channels
The combined entity will consist of popular channels such as Sony MAX and Zee Television, along with streaming platforms ZEE5 and SonyLIV.Mr
Punit Goenka will continue to be the Handling Director (MD) and CEO of the merged entity
The majority of the board of directors of the combined business will be chosen by the Sony Group and will include the current SPNI Handling
two leading media and home entertainment business sign up with hands to drive the next period of home entertainment filled with enormous
The combined company will produce a thorough entertainment company, enabling us to serve our consumers with broader content choices
throughout platforms, said Mr
Punit Goenka, MD - CEO, ZEE Entertainment Enterprises.Under the regards to the signed definitive arrangements, Sony will have a money
balance of $1.5 billion to enable the combined business to drive sharper material creation throughout platforms, enhance its footprint in
the digital community, bid for media rights in the sports landscape, and pursue other development chances
The arrangements follow the conclusion of an unique negotiation duration throughout which ZEEL and SPNI carried out mutual due diligence
After closing, the brand-new combined company will be publicly noted in India, said ZEE Home entertainment in its regulative filing
today.The merger between the 2 entities was revealed on September 22
During the 90-day due diligence period of the deal, Zee's biggest investor Invesco had actually raised concerns relating to the possibility
of increasing the promoter group's stake to 20 percent in the proposed Zee-Sony merged entity.
