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Zee partners Sony Pictures Network India
September 22, 2021
The governing body at Zee Entertainment Enterprises has given its in-principal approval for the merger between Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL). Punit Goenka will be the Managing Director and CEO of the merged entity. The decision on the merger was taken during the board meeting on September 21. The board has authorized the management of ZEEL to start the needed due diligence process.
SPNI investors will hold a majority stake in the merged entity. They will likewise siphon in development capital into SPNI as a feature of the merger with the goal that SPNI has $1.5 billion at the end for seeking after other growth opportunities, a regulatory filing stated.
The statement said that based on the current estimated equity values of ZEEL and SPNI, the merged proportion would have been 61.25 percent for Zee. Be that as it may, considering SPNI’s development capital implantation, ZEEL would hold 47.07 percent of the merged entity and SPNI would hold 52.93 percent of the entity.
The deal will see both the organizations merged their linear networks, digital assets, production operations and programme libraries.
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