Breaking News ZEEL and Sony merger confirmed by ZEEL network


-Zee Entertainment and Sony Pictures To Merge

-Board of Zee Entertainment has principally approved the merger between Zee -Entertainment and Sony Pictures Networks India (SPNI)

-Sony Pictures Entertainment will infuse $1.575 Billion in the merged entity

-Punit Goenka to continue as MD & CEO of the merged entity

-Post-merger 47.07% stake will be held by shareholders of Zee Entertainment

-Sony Pictures Networks to hold a 52.93% stake in the merged entity

-Merged entity will be a publicly listed Company

-Both companies agree to combine linear networks, digital assets, production operations and program libraries

-ZEEL & SPNI enter into exclusive non-binding term sheet

-Companies to conduct due-diligence process over next 90 days

-Existing promoter family of Zee will have the option to increase shareholding from the current 4% to up to 20% in the normal course of business

-Majority of the Board of Directors of the merged entity will be nominated by Sony Group