The merger between ZEE Entertainment Enterprises Limited and Sony Pictures Networks has been cleared, with reports suggesting an official announcement is expected imminently.
Reports say that the merger will see Sony holding a majority stake of 52.93% in the merged entity, while ZEE will hold around 47.07%.
The merger will see Punit Goenka continue to be the Manging Director and CEO of the entity. Majority of the board of directed will be nominated by the Sony Group and the entity will be listed publicly in India.
Furthermore, ZEE will free to increase its shareholding from the current 4% up to 20% – subject to terms.
The merger will need to go through regulatory clearances including Competition Commission of India, Sebi and the National Company Law Tribunal, among others.
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