NN360.PNG

Sony Pictures Networks India And Zee Entertainment Enterprises Ltd. Sign Definitive Agreements To Merge

N.P. Singh - Managing Director and CEO Sony Pictures Networks India.jpg
Ravi Ahuja - Chairman of Global Television Studios and SPE Corporate Development.png

News Desk, News Nation 360 : Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc. (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital

into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, which would eventually equal approximately 2.11% of the shares of the combined company on a post-closing basis. Punit Goenka will lead the combined company as its Managing Director & CEO.  The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, N.P. Singh. MD & CEO, SPNI, N.P.

Singh stated that it will be his endeavour to provide strategic guidance and support to the company’s operating team in achieving their vision. He is also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India. According to Punit Goenka, MD & CEO, ZEE Entertainment Enterprises Ltd. is immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, which swiftly led them to this point within the stipulated timelines. This merger presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena. He looks forward to working with the guidance of the esteemed members of the combined company’s board to unlock the potential of this merger, and he wishes N.P. Singh all the best in his new role at SPE. 

Report :  Anustup Kundu