Entertainment have completed their merger, creating a combined entity led by Zee CEO Punit Goenka fit to take on the U.S. streaming giants in the nation.when the two parties entered into an exclusive non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.
The deal required a 90 day period for regulatory third-party approvals to clear, which completed yesterday .’s Star India as the country’s biggest player, according to Reuters, bringing together 75 news, entertainment, sports and movie channels including Sony Max, Zee TV and streamers such as ZEE5 Global. Goenka had been under pressure at Zee amidst calls for a management reshuffle, according to reports.'Tick, Tick...
The business will be majority owned by SPNI, with Zee’s founders taking 3.99%. SPNI will have a cash balance of $1.5BN at deal close to invest in enhancing the combined company’s digital platforms across technology and content, while giving it the finance to bid for major sports rights. Most of the combined company’s board will be nominated by the Sony Group and include current SPNI CEO N.P. Singh as chairman of Sony Pictures India, a division of SPNI parent Sony Pictures Entertainment .
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