The merger between Zee Entertainment Enterprises (ZEEL) and Sony Pictures Network India is back on track. Local reports say it should complete by around March 2024. However, the merger has beset by numerous challenges – not least allegations of financial misconduct and extremely close inspections by regulators and still running are investigations by the Securities Appellate Tribunal and the Securities & Exchange Board of India. All which have led to probable changes in the final look of the merged business.

Top of the list of changes is that Punit Goenka, the current CEO at ZEEL and proposed as MD of the merged company, is now not expected to take up the leadership role.

“Both ZEEL and SPNI have exchanged the non-binding term sheets, as per which both the entertainment network giants will combine their linear networks, digital assets and production operations to create a common pool for the new merged entity. Both ZEEL and SPNI will have a 90-day time limit to conduct due diligence of each other through data rooms,” said Shivani Bhushan, senior associate at law firm TAS Law.

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Categories: Articles, Business, M&A

Tags: Sony, ZEE