Zee Entertainment Enterprises Ltd’s share price rose two percent in early trade moment after the company blazoned board agreed for merging with Sony Pictures Networks India PvtLtd.
The proposed merging was blazoned on September 22. Zee and Sony had said that the companies would take 90 days for due industriousness and the period came to a close yesterday.
The promoters of Zee will hold 3.99 percent stake and other Zee shareholders 45.15 percent stake in the merged reality After the deal, Sony Pictures Entertainment will laterally hold 50.86 of the combined company.
Zee managing director and Chief Executive officer Punit Goenka will lead the combined company as MD and CEO. The maturity of the board of the merged reality will be nominated by the Sony Group and will include NP Singh who’s MD and CEO of Sony Pictures Networks India.
“It’s a significant landmark for all of us, as two leading media and entertainment companies join hands to drive the succeeding era of entertainment filled with immense chances. The combined company will produce a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms,” said Goenka.
