The universe of entertainment just got larger with two giants coming together to create history. The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) has unanimously provided an in-principal approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL.
In an integral part of the proposed merger, Punit Goenka will continue to be the Managing Director and CEO of the merged entity. Under the guidance of the Board, the management of ZEEL, ably led by Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result in accelerated growth and a significant opportunity to create tremendous value for all its stakeholders.
Reacting to the merger, actress Kangana Ranaut took to her Instagram stories and praised Puneet Goenka for being a “gem of a person”. She also congratulated him and also wished him the best for the future.
“Punit sir is the most genuine, humble and gem of a person I ever worked with . I wish him the very best for these new beginnings,” she wrote in her story along with a news report about the merger.
The combined entity of ZEEL and SPNI will operate a network of 75 channels, which will account for around 26% viewership share. The shareholders of Sony Pictures will hold a majority stake in the merged entity. The parent company of SPNI is also infusing USD 1.57 billion into the merged group.
Zee Entertainment Enterprises (ZEEL) and Sony Pictures Networks India (SPNI) have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. Basis the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL.
Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar our company is owned by Zee Media Corporation which is a different group.
