A New Leaf In The History Of Zee Entertainment, As It Merges With Sony Pictures Networks India

Zee is a well-known brand in the Television and digital world with channels such as Zee Studio, Zee Café, Zee Anmol, Zee TV and many more. The brand has reportedly been under a lot of pressure from its top investors for a management reshuffle. Not only that but a request of Chief Executive, Punit Goenka to exit the board of directors has also been in cue. Thus its board has given its approval to a merger with Sony Pictures Networks India (SPNI).

 

The non-binding term sheet of Zee and Sony will bring together their linear networks, digital assets, production operations and program libraries. Punit Goenka has been named the MD and CEO of the merged entity. Accordingly, Zee shareholders will hold about 47.07% stake, while Sony will have 52.93% stake. Sony will be investing a whopping $1.57 billion in the new entity, which will be publicly listed. Meanwhile within a period of 90 days both firms will finalize the terms of the proposed agreement. Interestingly Zee’s shares rose to 35% post the merger, increasing its market capitalization to almost $4.5 billion. Watch this space for more updates on the same.