ZEEL-Sony Pictures: Mega merger to create India's biggest entertainment entity is a win-win for shareholders
ZEEL SONY PICTURES MERGER
The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) andSony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders.
The combined entity will operate a network of 75 channels, which will account for around 26% viewership share. The parent company of SPNI is also infusing $1.57 billion into the merged group.
After evaluating financial parameters and strategic value thatthe partner bring to the table, the board of ZEEL concluded that the merger will be "in the best interest
of all the shareholders and stakeholders," ZEEL said in a release.
ALSO READ:ZEEL board gives go-ahead for merger with Sony Pictures Networks India
"The merger is in line with ZEEL's strategy of achievinghigher growth and profitability as a leading media & entertainment company across South Asia," it said.
The indicative merger ratio wouldhave been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital intoSPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be heldby ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNIshareholders.
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The merged entity will be a publicly listed company in India. ZEEL's Punit Goenka will remain the CEO and MD of the combined group.
ALSO READ:Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity
ZEEL's strong expertise in content creation and its deep consumer connect established over thelast 3 decades, coupled with SPNI's success across entertainment genres (including gaming andsports) will add significant value to the merged entity and its management team, therebyincreasing shareholder value multifold, the companies said.
"The value of the merged entity and the immense synergies drawn
between both the conglomerates will not only boost business growth but will also enable
shareholders to benefit from its future successes."
Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group
