Zee Entertainment clears deal to merge with Sony
- ByStartupStory | December 23, 2021
Zee Entertainment Enterprises Ltd. and Sony Pictures Network agreed in a deal to merge their two platforms, ZEEL and SPNI, into a combination of linear networks, digital assets, production operations and program libraries. The merged company will be publicly listed in India after closing the deal.
SPNI, an indirect subsidiary of Sony Pictures Entertainment Inc.(SPE) will have a cash balance of $1.5 billion at closing, including through infusion by the current shareholders of SPNI and the founders of ZEEL.Post-merger SPE will indirectly hold a majority stake of 50.86% of the combined company and ZEEL’s founders will own 3.99% while the other ZEEL shareholders will hold a 45.15% stake.
The combined company will be led by Punit Goenka of ZEEL as a Managing Director and CEO. He said in a statement, “It is a significant milestone for al; of us, as two leading media and entertainment companies join hands to drive the next era of entertainment. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices.”
The rest of the majority of the board of directors of the merged entity will be nominated by the Sony Group.
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