Zee Entertainment board clears media firm's mega merger with Sony

ZEEL's current CEO and managing director, Punit Goenka, will lead the combined company

Zee had sought an injunction against Invesco’s request to call a shareholders’ meeting to oust Zee’s present MD and CEO, Punit Goenka, and appoint six of its nominees to the company’s board

Zee Entertainment MD and CEO Punit Goenka

Vanita Kohli-Khandekar New Delhi
One of India’s largest media deals has been cleared by the board of Zee Entertainment Enterprises (ZEEL). Zee, on Wednesday morning, announced that it had signed a definitive agreement to merge with Sony Pictures Networks India (SPNI). The combined entity with revenue of roughly Rs 14,000 crore is India’s second-largest media firm. 

SPNI is an indirect subsidiary of Sony Pictures Entertainment, the California-based arm of the $82.5-billion Sony Corp. After the merger, it will indirectly hold a majority 50.86 per cent of the combined company. The promoters of ZEEL (Subhash Chandra and his family) will hold 3.99 per cent and

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First Published: Dec 22 2021 | 12:37 PM IST

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