The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL), unanimously provided an in-principal approval for the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board has 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 & stakeholders
- Zee Entertainment and Sony Pictures To Merge
- Board of Zee Entertainment has principally approved merger between Zee Entertainment and Sony Pictures Networks India (SPNI)
- Sony Pictures Entertainment will infuse $1.575 Billion in merged entity
- Punit Goenka to continue as MD & CEO of the merged entity
- Post merger 47.07% stake will be held by shareholders of Zee Entertainment
- Sony Pictures Networks to hold 52.93% stake in merged entity
- Merged entity will be a publicly listed Company
- Both companies agree to combine linear networks, digital assets, production operations and program libraries
- ZEEL & SPNI enter into exclusive non-binding term sheet
- Companies to conduct due-diligence process over next 90 days
- Existing promoter family of Zee will have option to increase shareholding from current 4% to upto 20% in normal course of business
- Majority of Board of Directors of merged entity will be nominated by Sony Group
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