The board of directors for two major entertainment networks in India join hands to venture in to India’s second-largest entertainment network. Zee Entertainment Enterprises and Sony Pictures Networks India have approved the binding agreement after the 90-days exclusivity period of the non-binding bid ended yesterday.
This merged entity will be headed by Punit Goenka who the managing director and CEO of the company will be. The Board of directors from the company will be combined with the board of directors for this merged entity, which will be majorly decided by the Sony Group.
The current Sony Pictures Network India’s managing director and CEO NP Singh will be the broader executive. This merger has allowed Sony to own 50.86 per cent of the entity, while Essel, the promoter group will own 3.99 per cent. Along with that, the public shareholding will stand at 45.15 per cent.
