Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) have announced that they have signed definitive agreements to merge ZEEL with and into SPNI and “combine their linear networks, digital assets, production operations and programme libraries”.
A press statement from SPNI said, “The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India.”
The statement added, “The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms.
"Under the stewardship of the Sony group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players.”
NP Singh, managing director and chief operating officer, SPNI, said in a statement, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the board of the new merged company, it will be my endeavour to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.”