Sony Pictures Networks India (SPNI) gave approval to merge with Zee Entertainment Enterprises Ltd. (ZEEL). Sony Pictures will hold a majority stake in the proposed merged entity, which will be headed by Zee Entertainment’s CEO Punit Goenka. As a part of the transaction, Zee and Sony Pictures Networks India will combine their linear networks, digital assets, production operations and programme libraries.
In a statement, Zee said its board has evaluated the merger not only on financial parameters, but also on the strategic value which Sony brings. The board concluded that the merger will be in the best interest of all the shareholders & stakeholders. The merger is in line with Zee's strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia.
R Gopalan, chairman, Zee Entertainment Enterprises Ltd, said, "The Board of Directors at Zee have conducted a strategic review of the merger proposal between SPNI and ZEEL. As a Board that encompasses a blend of highly accomplished professionals having rich expertise across varied sectors, we always keep in mind the best interests of the shareholders."
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