Big news coming from the entertainment world Sony India merges with Zee Entertainment.
keypoints:
On Wednesday, Zee Entertainment Enterprises Limited (ZEEL) reported a consolidation with Sony Pictures Networks India (SPNI).
After the consolidation, Sony will contribute $1.57 billion and be the larger part investor with a 52.93% controlling stake. The investors of Zee Entertainment Enterprises Limited, in the interim, will hold a 47.07 per cent stake.
On Wednesday, Zee Entertainment Enterprises Limited (ZEEL) reported a consolidation with Sony Pictures Networks India (SPNI). After the consolidation, Sony will contribute $1.57 billion and be the greater part investor with a 52.93% controlling stake. The investors of ZEEL, in the meantime, will hold a 47.07 per cent stake.
The ZEEL board approved the consolidation and said that Puneet Goenka would stay the Managing Director and CEO of the combined entity.
The ZEEL board said in an explanation that it assessed monetary parameters, “yet, in addition, the essential worth which the accomplice brings to the table”.
Both the organizations have gone into the non-official arrangement and join their direct organizations, computerized resources, creative activities and program libraries.
The blended substance will, in any case, be a recorded organization in India, the ZEEL board added.
The term sheet gives a time of 90 days, during which the two firms will direct common tirelessness and finish authoritative arrangements, Zee said in a trade document.
It added that they would introduce the consolidation proposition to investors for their endorsement.
Zee, which has a presence in TV broadcasting and computerized media with brands like Zee TV, has been feeling the squeeze from top financial backers for an administration reshuffle, including the exit of CEO Punit Goenka from the board.
