Sony’s Indian arm a step closer to merging with Zee

Japanese conglomerate Sony Corp’s move to merge its Indian subsidiary Sony Pictures Networks India with Zee Entertainment, a homegrown TV channel, has achieved a significant milestone.

On December 22, the board of directors of Zee Entertainment Enterprises Ltd approved the merger with Sony Pictures Networks India. According to the terms, Sony Pictures Networks India will now hold a 50.86% in the merged identity, while Zee Entertainment will hold 3.99% and the public shareholding will be 45.15%.

Despite its low shareholding, Zee’s founding family will continue to be in the driving seat. The merged entity will be led by Punit Goenka, the current CEO of Zee Entertainment, but a majority of the board of directors will be nominated by the Sony Group. This was an integral part of the deal.

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