Sony Pictures Networks India and Zee Entertainment Enterprises (ZEEL) entered a definitive agreement to merge ZEEL into SPNI.
The newly combined company will encompass their linear networks, digital assets, production operations, and program libraries. The merger will allow the combined company to drive content creation across platforms, pursue media rights in the sports landscape, and follow additional growth opportunities.
Punit Goenka will lead as managing director and CEO. The majority of the board will be nominated by the Sony Group and will include N.P. Singh, managing director and CEO of SPNI.
Goenka, MD and CEO of ZEE Entertainment Enterprises Ltd., commented, “It is a significant milestone for all of us, as two leading media & entertainment companies join hands to drive the next era of entertainment filled with immense opportunities. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms. I am immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, that swiftly led us to this point within the stipulated timelines. This merger presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena.”
Singh added, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the Board of the new merged company, it will be my endeavor to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.”
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