Mumbai: Entertainment major Zee Entertainment Enterprises’ (ZEE) board of directors approved the binding agreement with Sony Pictures Entertainment’s subsidiary, Sony Pictures Networks India (SPN), a day after the 90-day exclusivity period of the non-binding bid ended on Tuesday.
The merged entity will be led by Punit Goenka as the managing director and CEO of the firm. The Sony Group will nominate the majority of the board of directors and will include the current SPN Managing Director and CEO NP Singh.
Singh will also take up a broader executive role at SPE as the Chairman of Sony Pictures India (a division of SPE). Singh will report to the chairman of Global Television Studios and SPE corporate, Ravi Ahuja.
The merger was announced on September 22. Sony will own 50.86 per cent of the merged entity, while the promoter group Essel will own a 3.99 per cent stake. The public shareholding will stand at 45.15 per cent.