December 5, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Zee-Sony merger in final stages of stitching up, says Punit Goenka

The merger talks between and are in final stages of stitching up, said Punit Goenka, MD and CEO of at an event in Delhi on Tuesday.

Both had announced a merger in September of their India businesses with Sony holding the majority stake.

“I certainly believe that consolidation is going to benefit the industry overall. Zee and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis will be close to $2 billion, and the capital growth that Sony is going to infuse in the merge entity will really give us the opportunity to invest in premium content including sports,” Goenka said at the APOS India Summit.

About 53% of the merged entity would be owned by Sony and the rest by Zee’s holders, according to the non-binding agreement signed in September.

The new shareholder will inject capital so that it will have about $1.58 billion of funds at closing, and Sony would nominate a majority of the board.

India’s largest publicly traded entertainment network has been at the centre of a complicated boardroom and courtroom feud of Goenka and his supporters versus Atlanta-based Invesco Developing Markets Fund, Zee’s biggest shareholder with an 18% stake.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Share This :