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Zee Entertainment, Sony Ink Definitive Agreement To Merge; Zee Entertainment Pares Early Gains
The board of directors of entertainment major Zee Entertainment on December 22, 2021 gave go-ahead to its merger with Sony. The latter will hold 50.86% holding in the merged entity, said the board of Zee Entertainment.
As per the release, Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) today announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and thirdparty approvals.
"Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and purse other growth opportunities", added the release.
On the deal, the stock of Zee Entertainment after gaining in early trade to day high price of Rs. 359.65, was down by over 2 percent at Rs. 339.35 apiece on the NSE.
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