Bengaluru: Media and Entertainment Giants Zee Entertainment Enterprises Limited said on Wednesday that its board has given in-principle approval for the merger with Sony Pictures Networks India (SPNI).
With brands such as Zee, which has a presence in television broadcasting and digital media, Zee TV, is under pressure from top investors for a management reshuffle, including the exit of chief executive Puneet Goenka from the board.
Zee said in an exchange filing that the company and SPNI have entered into a non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.
As part of the proposed deal, zee Shareholders will hold approximately 47.07% stake and the rest will be owned by the merged entity Sony Shareholders of India.
The filing said the term sheet gives a period of 90 days during which both the firms will do mutual due diligence and finalize definitive agreements.
The merged entity will be publicly listed in India with Goenka as its Managing Director and Chief Executive Officer. Zee said the merger proposal would be presented to the shareholders for their approval.
With brands such as Zee, which has a presence in television broadcasting and digital media, Zee TV, is under pressure from top investors for a management reshuffle, including the exit of chief executive Puneet Goenka from the board.
Zee said in an exchange filing that the company and SPNI have entered into a non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.
As part of the proposed deal, zee Shareholders will hold approximately 47.07% stake and the rest will be owned by the merged entity Sony Shareholders of India.
The filing said the term sheet gives a period of 90 days during which both the firms will do mutual due diligence and finalize definitive agreements.
The merged entity will be publicly listed in India with Goenka as its Managing Director and Chief Executive Officer. Zee said the merger proposal would be presented to the shareholders for their approval.
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