Zee Entertainment and Sony Pictures Networks India Private Limited, have signed a merger deal. The combined entity will be owning 75 TV channels, two video streaming services (ZEE5 and Sony LIV), two film studios (Zee Studios and Sony Pictures Films India) and a digital content studio (Studio NXT). With this it becomes the largest entertainment network in India.
Sony India will hold 52.93 percent of stake while Zee Entertainment will hold 47.07 per cent stake in the merged company. Both the firms would be on a binding exclusivity for a period of 90 days. During this period definitive agreements will get finalized. It would be a publicly listed company. Puneet Goenka of Zee Entertainment would continue to be the MD & CEO. Announcement regarding NP Singh, MD & CEO of Sony Pictures Network is awaited. The synergies drawn by merging of the two conglomerates as well as the combined value of the merged entity is being seen as a good boost to the business growth. It would be enabling shareholders to benefit from all future successes.