Zee Entertainment-Sony Pictures Networks India (SPNI) merger has been approved by ZEEL (Zee Entertainment Enterprises Ltd). After this merger, it will become the largest entertainment network in the country. Know the important things related to it…
Zee Entertainment-Sony Pictures Networks India (SPNI) merger has been approved by ZEEL (Zee Entertainment Enterprises Ltd). On Wednesday, both the companies announced that both have signed the binding agreement. The TV business, digital assets, operations and program library will also be merged under this agreement. Along with this, Sony Groups will have the right to nominate most of the directors on the board.
Whose share how much?
1. Soon after the merger, information about the shareholdings from both the companies will also come out.
2. SONY’s stake in the company that will be formed after the merger will be 50.86 percent.
3. Essel Group will hold 3.99% and ZEEL shareholders will hold 45.15%.
4. Promoter family Zee will also have the option to increase its stake.
5. SONY will also invest a total of Rs 11,605.94 crore in the new company.
6. The amount of this investment will be used for growth.
7. Neither the shareholders nor the interests of the shareholders will suffer any loss after the merger.
There will be changes in the investor’s stake only after the investment of SONY. At present, the shareholder holding of ZEEL will be 61.25%.
Puneet Goenka will continue as MD and CEO of the company
1. Post-merger, the 9-member board of the new company will consist of five Sony executives.
2. The present Managing Director of SNPI, NP Singh will also attend.
3. After the merger, the new company will also be listed on the Indian stock exchange.
4. The company’s MD and CEO will continue to be Puneet Goenka.
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On this merger, Puneet Goenka said in his statement, “This deal will prove to be a milestone for all of us as two big media and entertainment. Will impact the world. The merged company will take the entertainment sector further. Our users will have a wide variety of content options across all platforms. I thank the efforts of the entire team at ZEEL, SPE and SPNI Grateful to those who have taken the company to this stage in a short span of time. After the merger, jointly both the companies have an opportunity to take the business to another level and I look forward to working in that direction.”
Along with this, Puneet Goenka congratulated the present Managing Director of SNPI NP Singh for the new role.
Other important things about the merger:
After the merger, it will become the largest entertainment network in the country. This merger will give ZEEL growth capital as well as access to each other’s content, digital platforms. SONY’s viewership will also increase.
Let us tell you that the reach of ZEEL is much bigger than that of SONY. ZEEL has reach in 190 countries while SONY has reach in only 167 countries. In such a situation, this will prove to be a big opportunity for Sony to increase its presence.
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