zee: Zee Leisure to merge with Sony India – Instances of India


BENGALURU: Media and leisure big Zee Entertainment Enterprises Ltd mentioned on Wednesday its board has given in-principle approval for its merger with Sony Pictures Networks India (SPNI).
Zee, which has a presence in tv broadcasting and digital media with manufacturers resembling Zee TV, has been below stress from high buyers for a administration reshuffle, together with the exit of Chief Govt, Punit Goenka, from the board.
Zee mentioned in an change submitting that the corporate and SPNI have entered right into a non-binding time period sheet to deliver collectively their linear networks, digital property, manufacturing operations and program libraries.
As a part of the proposed deal, Zee shareholders will maintain about 47.07% stake and the remainder of the merged entity shall be owned by Sony India shareholders.
The time period sheet offers a interval of 90 days ,throughout which each corporations will conduct mutual diligence and finalize definitive agreements, the submitting mentioned.
The merged entity shall be publicly listed in India and Goenka shall be its managing director and chief government officer. Zee mentioned the merger proposal could be offered to shareholders for his or her approval.

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