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
Punjab National Bank Organizes Walkathon
NEW DELHI:Punjab National Bank (PNB), nation’s.
Kolkata to Host India International Seafood Show 2023
KOCHI:India’s tremendous strides in the seafood.
“IBS Software’s Longevity and Success Reflects Kerala’s Industry-friendly Milieu” VK Mathews
KOCHI:The phenomenal success of IBS Software,.
KSUM to hold ‘The Kitchen by Lifeart’ event on Aug. 12
THIRUVANANTHAPURAM:Siddharth Rajhans, Policy Officer at UN.
Credai Kerala State Conference in Kochi on Aug 12th and 13th
KOCHI:The State Conference of CREDAI Kerala,.
TATA AIA Life Announces Record Annual Bonus of INR 861 crores for its Policyholders
MUMBAI:Tata AIA Life Insurance Co. Ltd..
Muthoot Finance has been Recognised with the Best Growth Performance Award
KOCHI:Muthoot Finance, India’s largest gold loan.
Axis Bank Launches One-stop Cash Management Proposition
MUMBAI:Axis Bank becomes the first Indian.
Zee Keralam Bzinga Family Festival to Celebrate Independence Day
KOCHI:Keeping in line with its tag.
YES BANK and IBSFINtech Tie up to Provide Enhanced Digital Services
MUMBAI:YES BANK and IBSFINtech, the leading.