Zee Sony sign on dotted line for merger, will be a listed company in India

Zee Entertainment and Sony Pictures are finally merging and creating an entertainment giant in India amidst a bitter shareholder battle between Zee and shareholder Invesco.

Here are the details of the Zee Entertainment and Sony Pictures merger- :

• ZEE will merge into Sony Pictures

• Closing of the transaction is subject to shareholder approval

• Founders of Zee just have 4% stake, while disgruntled shareholder Invesco holds 18%

• Zee’s founding family had been embroiled in a bitter battle with Invesco, its largest shareholder for the past three months

• SPE will indirectly hold a majority of 50.86% of the merged company, while ZEE promoters will hold 3.99%. Existing shareholders will hold a 45.15% equity stake in the merged company.

• Puneet Goenka to continue as CEO & MD of the merged entity

• Will create India’s second-largest entertainment network by revenue

Also Watch: Urban Company: Women workers protest against new work systems; get penalised with lawsuits