ZEE – SONY Merger Deal – Punit Goenka to Head Merged Entity: In a major development in Indian media, Zee Entertainment & Sony Pictures Network has decided to enter into a merger. Punit Goenka has signed a non-binding term sheet for merger of ZEE with Sony Pictures Network. SPN promoters will infuse $1.575 billion post the merger. Goenka will be the MD of the new entity.
After the merger, SPN will hold a 52.93% stake in the entity. Zee Shareholders will take the remaining 47.07% stake.
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ZEE -SONY Merger Deal: Big breaking in Indian media, Zee entertainment & Sony Pictures signs merger deal, Punit Goenka to head joint entity
ZEE Entertainment – Sony Pictures Merge – Punit Goenka to Head Merged Entity: The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL), unanimously provided an in-principal approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. The Board has evaluated not only on financial parameters, but also on the strategic value which the partner brings to the table.
The Board concluded that the merger will be in the best interest of all the shareholders and stakeholders. The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading Media & Entertainment Company
across South Asia.
Post the merger, 47.07 percent stake will be held by shareholders of Zee Entertainment, while Sony Pictures Networks will hold a 52.93 percent stake in the merged entity.
The company said that Punit Goenka will be MD & CEO of the merged company for 5 years.
ZEE -SONY Merger Deal: Big breaking in Indian media, Zee entertainment & Sony Pictures signs merger deal, Punit Goenka to head joint entity
ZEE Entertainment – Sony Pictures Merge – Punit Goenka to Head Merged Entity: The announcement comes a week after Zee Entertainment witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka.
It is anticipated that the final transaction would be subject to completion of customary due diligence and execution of definitive agreements and required corporate, regulatory and thirdparty approvals, including the votes of Zee’s shareholders.
Last week, Zee’s investors sought the removal of its three directors, including its chief executive. Invesco Developing Markets Fund and OFI Global China Fund LLC, with a combined 17.9% stake in the company, called for an extraordinary general meeting of shareholders to remove Punit Goenka, Manish Chokhani and Ashok Kurien from the board. The investors also asked for the appointment of multiple independent directors to the media and entertainment company.
ZEE -SONY Merger Deal: Big breaking in Indian media, Zee entertainment & Sony Pictures signs merger deal, Punit Goenka to head joint entity
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