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Zee agrees to merge with Sony Pictures Networks India, fusing legacy media giants

SPNI will have majority control of the board of the new company

Two of India's largest traditional broadcasters will be joining hands: Zee Entertainment Enterprises Limited has agreed to merge with Sony Pictures Networks India(SPNI), the cable TV network owned by Japanese conglomerate Sony. Zee announced the proposed merger in regulatory filings on Wednesday. SPNI will have majority control of the board of the new company, with ZEEL CEO Punit Goenka heading management. "The shareholders of SPNI, will hold a majority stake in the merged entity. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately US$1.575 billion at closing, for use in pursuing other growth opportunities," Zee said in its press release announcing the merger. The Sony Group said that this money would be used for improving the combined company's tech platforms and boost its position to bid for sports…

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