Hyderabad: The Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday announced its board has given in-principle approval for its merger with Sony Pictures Networks India (SPNI).
According to PTI, shareholders of Sony Pictures Networks India will hold about 52.93 per cent stake and the rest of the merged entity will be owned by Zee shareholders. Punit Goenka will remain the managing director and chief executive officer of the merger entity, it said.
As per the proposed deal, ZEE and SPNI will combine their linear networks, digital assets, production operations and programme libraries.
SPNI said in a statement that its parent company Sony Pictures Entertainment would invest growth capital so that it has a cash balance of approximately USD 1.575 billion.
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