The world of entertainment just got bigger with two mega entities coming together to create history. In this mega merger, ZEE Entertainment Enterprises Limited (ZEEL) merges with Sony Pictures Networks India (SPNI). The ZEEL Board of Directors have unanimously provided an in-principal approval for the merger after an evaluation of financial parameters and strategic value which the partner brings to the table. The Board found that the merger will be in the best interest of all the shareholders and stakeholders.
The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading Media & Entertainment Company across South Asia. As an integral part of the proposed merger Mr. Punit Goenka will continue to be the Managing Director and CEO of the merged entity.
Reacting to this big merger, Bollywood’s leading actress Kangana Ranaut put out a post congratulating Punit Goenka and sharing her wonderful experience of working with him in the past. In her story post on Instagram, Kangana wrote, ‘Punit sir is the most genuine, humble and gem of a person I ever worked with…. I wish him the very best for these new beginnings.’ This will surely resonate with other biggies from the entertainment world as well.
Meanwhile, ZEEL & SPNI have entered into a non-binding term sheet and have agreed to combine both companies’ linear networks, digital assets, production operations and program libraries. ZEEL’s strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI’s success across entertainment genres (including gaming and sports) will add immense value to the merged entity and its management team, thereby increasing shareholder value multi-fold.
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