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BENGALURU, Sept 22 (Reuters) – India’s media and entertainment giant Zee Leisure Enterprises Ltd (ZEE.NS) claimed on Wednesday its board has specified in-theory approval for its merger with Sony Pictures Networks India (SPNI).
Zee, which has a existence in tv broadcasting and electronic media with models this kind of as Zee Television, has been below stress from prime investors for a management reshuffle, together with the exit of Main Executive, Punit Goenka, from the board. browse additional
Zee mentioned in an trade submitting that the organization and SPNI have entered into a non-binding expression sheet to convey alongside one another their linear networks, electronic property, manufacturing functions and plan libraries.
As portion of the proposed offer, Zee shareholders will keep about 47.07% stake and the rest of the merged entity will be owned by Sony India shareholders.
The term sheet offers a period of time of 90 days ,all through which both companies will carry out mutual diligence and finalize definitive agreements, the filing claimed.
The merged entity will be publicly stated in India and Goenka will be its managing director and chief govt officer. Zee said the merger proposal would be introduced to shareholders for their approval.
Reporting by Rama Venkat in Bengaluru Modifying by Arun Koyyur
Our Criteria: The Thomson Reuters Trust Ideas.
