MUMBAI:
Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) today announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and third-party approvals.
Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.
more recommended stories
JAIPUR:Vedanta Ltd, world’s leading critical minerals,.
KOCHI:Samsung Electronics will host The First.
NEW DELHI:Motorola, a global leader in.
LAS VEGAS/MUMBAI:Tata Consultancy Services (TCS) (BSE:.
THIRUVANANTHAPURAM:Kerala Startup Mission (KSUM) has invited.
KOCHI:Air India SATS Airport Services Pvt..
MUMBAI:Bharat Petroleum Corporation Limited (BPCL), a.
GURUGRAM:Shree Cement Limited, one of India’s.
CHHATTISGARH:Ambuja Cements, the 9th largest building.
MUMBAI: HELL ENERGY DRINK, one of.
