Zee & Sony Merger Approved!
Board of directors of Zee Entertainment Enterprises Ltd (ZEEL) on December 22 approved the merger with Sony Pictures Networks India (SPNI).
Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI) are India’s biggest TV channels and they have been rivals for a long time. Now the rivalry has come to an end as the Board of directors of Zee Entertainment Enterprises Ltd (ZEEL) on December 22 approved the merger with Sony Pictures Networks India (SPNI). The merger between the two entities was announced on September 22. Zee and Sony had said that the companies will take a 90-day period to complete all formalities and paperwork for the process. The period came to a close on December 21 and now the merger has been finalised. Sony will hold 50.86 percent stake in the merged entity (Zee+Sony) and Zee is 3.99%.
While announcing the merger, Zee had said that SPNI had agreed to the appointment of Punit Goenka as MD and CEO of the merged entity. The merged entity will include more than 75 television channels, film assets and two streaming platforms Sonyliv & Zee5. Experts had also pointed out that the merger will create the largest entertainment network.
