#BREAKINGNEWS – @punitgoenka finds his white knight in #Sony, signs non-binding term sheet for merger of @ZEECorporate with #SPN. SPN to hold 52.93% stake in the merged entity, while #ZEE shareholders will own the remaining 47.07% stake. Sony Promoters to infuse $1.575 bn.
The merged entity will remain a publicly listed entity in India with Goenka as MD & CEO. The majority of the board of directors of the merged entity will be nominated by #Sony Group.
Combined entity will own 75 TV channels, two video streaming services (@ZEE5India & @SonyLIV), 2 film studios (@ZeeStudios_ & @SonyPicsIndia) and a digital content studio (StudioNXT), making it the largest entertainment network in India, bigger than @starindia & Disney India
Full story on the merger — economictimes.indiatimes.com/industry/media…
In an internal mail, Ravi Ahuja, chairman, Global Television Studios and Sony Pictures Entertainment Corporate Development, said SPN MD & CEO NP Singh is expected to be on the board of the merged entity.
ZEE & SPN combination will bring together strongest leadership teams, content creators, high-quality series & film libraries in media business & will create a combined content platform that can compete with domestic & global platforms & accelerate region’s transition to digital.
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