- Sony Group Corp’s (NYSE:SONY) Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) agreed to combine their linear networks digital assets, production operations, and program libraries.
- The combined publicly listed company will lead consumers from traditional pay-TV into the digital future, benefitting consumers throughout India across content genres, from film to sports.
- SPNI parent Sony Pictures Entertainment would invest growth capital in SPNI to have a cash balance of $1.575 billion.
- The cash will help enhance the combined company’s digital platforms and bid for broadcasting rights in the sports landscape.
- Sony Pictures Entertainment would hold a majority stake in the combined company.
- Current ZEEL CEO Punit Goenka would lead the combined company.
- The combined company’s board would include directors nominated by Sony Group and appoint the majority of the board members.
- Related Content: One Of Netflix’s Biggest Deals In India Said To Fall Apart: Good News For Amazon, Disney?
- Price Action: SONY shares are trading higher by 1.71% at $114.30 on the last check Wednesday.
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