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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