Zee Entertainment approves for a merge with Sony Pictures Networks India to make one among the most important entertainment networks in India. Zee to possess 47.07 per, while Sony Pictures to possess 52.93 per cent within the merge company
Zee Entertainment Enterprises has officially announced approving the merger with Sony Pictures Networks India (SPNI). The merge will form one among the most important Entertainment networks in India. As per the statement, Zee Entertainment will hold 47.07 per cent stake, while Sony India will hold a majority stake of 52.93 per cent within the merged company.
On Wednesday (September 22), the board members of Zee Entertainment including the administrators unanimously announced above the approval of merge with Sony Pictures Networks India. Punit Goenka will still perform his duties because the director (MD) and CEO of the merged entity. On the opposite side, the promoters of Sony India will have the proper to appoint the bulk of directors to the merged company, apparently this was unleashed within the board meet today.
Mentioning about the surprise merge, R. Gopalan (Chairman, Zee Entertainment) said during a statement, “ZEEL continues to chart a robust growth trajectory and therefore the Board firmly believes that this merger will further benefit ZEEL. the worth of the merged entity and therefore the immense synergies drawn between both the conglomerates won't only boost business growth but also will enable shareholders to profit from its future successes.”
ZEE and Sony Pictures would combine their linear networks, digital assets, production operations and programme libraries apparently as a neighborhood of the transactions post merging officially.
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