Merger with ZEE in line with company's vision: Sony Pictures CEO tells employees

#Business, #Companies, #Sony Pictures, #Zee, merger with Zee Entertainment

Sony Pictures CEO Tony Vinciquerra told employees that the merger with Zee Entertainment will be a huge opportunity for the company and will help lead consumer transition from traditional pay-TV into the digital future.

“The agreement with Zee is in line with the company’s vision articulated before the COVID-19 pandemic,” Vinciquerra told employees, CNBC TV18 has learnt.

Read | Zee Entertainment signs merger deal with Sony Pictures India

Sony Pictures is committed to investing in India and would hold a majority stake in the merged company, he said, adding that both companies are in very early stages of the agreement and will conduct “due Diligence and negotiate terms in the next 90 days”.

Zee Entertainment on September 22 announced that it has signed a merger deal with Sony Pictures Networks India Private Limited.

According to the deal, Sony Pictures Entertainment will infuse USD 1.575 billion in the merged entity.

Read | Like father, unlike son: Punit Goenka’s bumpy ride at the Zee Group

Post the merger, 47.07 percent stake will be held by shareholders of Zee Entertainment, while Sony Pictures Networks will hold a 52.93 percent stake in the merged entity.

ZEE said that Punit Goenka will be MD & CEO of the merged company for 5 years.

As a part of the transaction, ZEEL & SPNI will combine both companies’ linear networks, digital assets, production operations and program libraries.

According to the term sheet, the ZEE promoter family is free to increase its shareholding from the current 4 percent to up to 20 percent, the firm said.

“ZEEL continues to chart a strong growth trajectory and the Board firmly believes that this merger will further benefit ZEEL. 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,” said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd.

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