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