HomeLocal NewsIndia’s Zee Entertainment announces merger with Sony Picture Networks

India’s Zee Entertainment announces merger with Sony Picture Networks

Date:

Related stories

Kano govt sends 588 students to 15 states for exchange programme

The Kano State Government has dispatched 588 students to...

Kano commissioner secures bail for suspected drug dealer Danwawu

Kano State Commissioner for Transport, Ibrahim Namadi, has stepped...

Kano govt partners Federal Mortgage Bank to solve housing shortage

The Kano State Government has announced a new partnership...

Cybercrime: EFCC storms BUK, arrests 24 students

The Economic and Financial Crimes Commission (EFCC) has arrested...
spot_img

Indian Zee Entertainment Enterprises Limited, on Wednesday announced its merger with Sony Picture Networks India, making it one of the largest entertainment networks in the country.

The board made the announcement in a statement attached to a notice on the Bombay Stock Exchange.

Sony and Zee together run about 75 television channels and digital media platforms in India, some of which are beamed globally.

Sony Picture Networks India is a subsidiary of Japan’s Sony Corporation.

Zee said Sony will invest 1.57 billion dollars in the merged entity and will be the majority stakeholder with a 52.93 per cent stake.

Zee Managing Director, Punit Goenka would retain the position in the merged entity, and it would hold 47.07 per cent stake.

The statement said the two companies will combine their linear networks, digital assets, production operations and programme libraries.

It added that Zee’s expertise developed over three decades and Sony’s success in the entertainment, gaming and sports genres would give significant value to the merged entity.

The two firms plan to conduct due diligence and obtain the required regulatory approvals for the merger over the next three months.

The new entity is expected to be publicly listed in India.(dpa/NAN)

Subscribe

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here