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Sony Pictures Networks and Zee Complete Merger to Create Indian Broadcast Giant
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variety.comSony Pictures Networks India Private Limited and Zee Entertainment Enterprises Ltd. on Wednesday announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear TV networks, digital assets, production operations and program libraries.The merged company will retain Zee’s stock market listing in India.
But Sony will provide a large cash injection and control a majority share stake of close to 51%. The agreement is subject to regulatory and shareholder approvals.Zee’s Punit Goenka will lead the combined company as its MD and CEO.
The majority of the board of directors will be nominated by the Sony Group and will include the current SPNI MD and CEO, N.P.
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