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Zee Sony merger gets approval from board
December 22, 2021
Directors of Zee Entertainment Enterprises Ltd (ZEEL) on December 22 entered the partnership with Sony Pictures Networks India (SPNI).
Sony will hold 50.86 percent stake in the combined entity, the Board said.
The advertisers of ZEEL will hold 3.99 percent, and the other ZEEL investors will hold a 45.15 percent stake in the combined entity.
Giving the reasoning behind the participation, the Board said, “The Company is inter-alia engaged in TV content turn of events, broadcasting of provincial and worldwide entertainment satellite TV slots, motion pictures, music and digital business. The Company is India’s one of the biggest entertainment organizations.”
Under the details of the conclusive arrangements endorsed to consolidate ZEEL with and into SPNI, Sony will have cash surplus of $1.5 billion to empower the joined organization to drive sharper content creation across platform, reinforce its impression in the quickly evolving digital ecosystem, bid for media rights in the quickly developing games scene and seek after other growth opportunities.
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