According to a regulatory filing by Zee Entertainment to the stock exchanges on Wednesday, September 22, the media firm signed a merger agreement with Sony Pictures Networks India Private Limited. In a board meeting today, Zee Entertainment’s board of directors overwhelmingly authorized the merger between Sony Pictures Networks India and Zee Entertainment Enterprises Limited (ZEEL).

Mr. Punit Goenka will remain the merged organization’s Managing Director (MD) and CEO. Sony India’s promoters will have the power to appoint the majority of the merger company’s directors. . According to the deal, Sony Pictures will invest $1.575 billion in the merged entity. The invested capital will be used for growth.

According to the statement, Zee Entertainment would own 47.07 percent of the merged firm, while Sony India will own 52.93 percent of it. The Sony Group will nominate the majority of the merger entity’s board of directors. Both companies have agreed to a 90-day binding exclusivity period during which they will perform and finalize definitive agreements. The merged firm will be listed on the stock exchange.