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Entertainment
Indian Zee Entertainment approves merger with Sony unit
/cloudfront-us-east-2.images.arcpublishing.com/reuters/ZUMUQPHEQVPCNLOZ2JCT2GTCE4.jpg "Indian Zee Entertainment approves merger with Sony unit")
A guard stands next to a Zee TV banner outside a film studio in Mumbai, India on September 24, 2021. REUTERS / Francis Mascarenhas
BENGALURU, Dec.22 (Reuters) – The Indian unit of Japanese conglomerate Sony (6758.T) has finalized an agreement with local rival Zee Entertainment (ZEE.NS) to merge their TV channels, film assets and video platforms. streaming, companies noted Wednesday.
The combined entity, nearly 51% owned by Sony Pictures Networks India (SPNI), will own popular channels such as Sony MAX and Zee TV, as well as the ZEE5 and SonyLIV streaming platforms, as part of the deal.
India, still heavy with live television entertainment, has seen increased competition in recent years from streaming platforms such as Netflix Inc (NFLX.O), Prime Video from Amazon.com Inc and Walt Disney Co’s (DIS .N) Hotstar.
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The companies also approved the appointment of Zee’stop boss Punit Goenka as CEO and managing director of the merged entity, after a 90-day due diligence period for the merger closed on December 21.
Zee shares had climbed 35% to a market cap of nearly $ 4.5 billion when the merger was first announced in September.
SPNI will have a $ 1.5 billion cash balance at the close of the transaction, including an injection by current SPNI shareholders and Zee promoters, the companies said.
The deal will also likely ease the pressure Zee faced from major shareholders who called for a management reshuffle in September, including for the removal of CEO Punit Goenka from the board, due to issues. corporate governance. Read more
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Reporting by Chandini Monnappa in Bangalore; Editing by Devika Syamnath
Our standards: Thomson Reuters Trust Principles.
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Sources 2/ https://www.reuters.com/business/media-telecom/indias-zee-entertainment-approves-merger-with-sony-unit-2021-12-22/ The mention sources can contact us to remove/changing this article |
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