ZEE and Sony complete the merger deal
By MYBRANDBOOK
Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) finalized a deal to merge their television channels, assets and streaming platforms to create a combined entity.
SPNI and ZEE signed definitive agreements for the deal to create a merger entity, which will be publicly listed in India. However, the closing of the transaction is subject to regulatory, shareholder and third-party approvals.
Sony will hold majority stake in the merged company and ZEE promoter family will own 3.99% with an option to increase stake up to 20% from market. Under the terms of the definitive agreements, Sony will have a cash balance of $1.5 billion at closing, including an infusion by the current shareholders of Sony and the promoters of ZEE.
This will enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.
Invesco, which owns 17.88 percent stake in ZEE, has been engaged in a legal battle with the company after it had approached the board to conduct an extraordinary general meeting for the removal of ZEE MD and CEO Punit Goenka.
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