Zee Entertainment Enterprises Ltd has entered into a merger deal with another media giant, Sony Pictures Networks India (SPNI), a unit of Japan's Sony Group Corp. In a statement, the company entered a regulatory filing at the stock exchanges on 22 September. The merger has reportedly been unanimously approved by Zee Entertainment Enterprises' board of directors in a meeting that was held today.
Punit Goenka will continue to remain as MD and CEO of the merged entity. A report in the Times of India newspaper stated that Sony MD NP Singh will hold a 'leadership position' on the board.
Zee Entertainment Enterprises will own 47.07% of the entity after the merger while 52.93% will be held by SPNI.
According to reports, Zee Entertainment Enterprises and SPNI have agreed on a non-binding term sheet to accumulate the production operations, linear networks, programme database and online assets of the companies.