Mumbai: Sony Pictures Networks India Pvt Ltd and Zee Entertainment Enterprises Limited have entered into a merger agreement. Under this, Zee Entertainment will be merged with Sony Pictures. The two companies said in a statement issued today that under the agreement, the two companies will integrate digital assets, production operations and program libraries with their networks. The company that will be formed after the merger is said to be registered in India.
Under the deal, Sony Pictures Networks will have 1.5 1.5 billion in cash, including investments from existing Sony Pictures promoters and Zee’s founding promoters, the statement said. Sony Pictures Entertainment, the parent company of Sony Pictures, will hold the controlling stake in the merged company. Shares of the company will be 50.86%, while Zee’s promoters will have 3.99%. The remaining 45.15% will be held by shareholders.
Mr. Puneet Goenka [Zee Entertainment] will be the Managing Director and Chief Executive Officer of the merged company while most of the directors on the company’s Board of Directors will be nominated by Sony Group including NP Singh, Managing Director and Chief Executive Officer of Sony Pictures Networks India. Will also be included. Mr Singh will eventually become chairman of Sony Pictures India, reporting to Ravi Ahuja, president of Sony Pictures Entertainment’s global television studio and Sony Pictures Entertainment corporate development.
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