The world of entertainment has just expanded with two giants who came together to create history. The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) has unanimously approved the principle of the merger between Sony Pictures Networks India (SPNI) and ZEEL.
As 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 of directors, the management of ZEEL, competently led by Punit Goenka, continues to work steadily to achieve higher profitability in accordance with the goals it has set itself for the future. With this business development, the merged entity will result in accelerated growth and a significant opportunity to create considerable value for all of its stakeholders.
Reacting to the merger, actress Kangana Ranaut took inspiration from her Instagram stories and praised Puneet Goenka for being a ‘one person gem’. She also congratulated him and also wished him the best for the future.
“Mr. Punit is the most genuine, humble and precious person I have ever worked with. I wish her the best for these new beginnings, ”she wrote in her story with a report on the merger.
The combined entity ZEEL and SPNI will operate a network of 75 channels, which will represent around 26% of audience share. Sony Pictures shareholders will hold a controlling interest in the merged entity. SPNI’s parent company is also injecting $ 1.57 billion into the merged group.
Zee Entertainment Enterprises (ZEEL) and Sony Pictures Networks India (SPNI) have entered into a non-binding list of conditions to combine linear networks, digital assets, production operations and program libraries of the two companies. Based on the current estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favor of ZEEL.
Disclaimer: Zee Entertainment is not our sister company / group. Although our names are similar, our company is owned by Zee Media Corporation, a different group.