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Updated on: Wednesday, December 22, 2021, 09:18 AM IST

Zee, Sony merger goes through: Punit Goenka to lead merged entity

Breaking his silence after almost a month since the boardroom war began, Goenka questioned the intention of Invesco while pointing fingers at the investment firm over corporate governance for not making public a proposed deal with Reliance Industries earlier../Puneet Goenka |

Breaking his silence after almost a month since the boardroom war began, Goenka questioned the intention of Invesco while pointing fingers at the investment firm over corporate governance for not making public a proposed deal with Reliance Industries earlier../Puneet Goenka |

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After the 90-day exclusivity period of the non-binding bid ended on December 21 (Tuesday), the board of directors of entertainment major Zee Entertainment Enterprises (ZEE) has approved the binding agreement with Sony Pictures Networks India (SPN), a subsidiary of Sony Pictures Entertainment.

Punit Goenka will lead the merged entity as the managing director and CEO of the company.

Sony Pictures Networks India Pvt. will own a 50.86 percent stake in the merged entity. Zee’s holding firm Essel will own 3.99 percent, according to an exchange filing from Zee Wednesday.

Public shareholders will have the remaining 45.15 percent as part of the definitive agreement.

Zee’s board approved the appointment of Punit Goenka, the son of founder Subhash Chandra, as the chief executive officer of the newly created entity, the filing said.

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Published on: Wednesday, December 22, 2021, 09:18 AM IST
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