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    World

    Zee Entertainment and Sony Pictures merger gets NCLT approval, forming $10 bn media giant in India

    Zee Entertainment and Sony Pictures merger gets NCLT approval, forming $10 bn media giant in India

    India's National Company Law Tribunal (NCLT) has granted approval for the long-anticipated merger between Zee Entertainment and Sony Pictures Networks India (SPNI), the Indian arm of Japan's Sony Group. This move sets the stage for the creation of a formidable $10 bn entertainment conglomerate, signaling a new era of media dominance.

    Zee Entertainment and Sony Pictures merger gets NCLT approval, forming $10 bn media giant in India
    Photo: Zee Entertainment and Sony Pictures merger gets NCLT approval, forming $10 bn media giant in India 
    Source: Reuters

    The NCLT's decision comes after a series of hurdles that had initially cast doubt on the merger's feasibility. The combined entity, which will be controlled to a large extent by Sony Group, is poised to emerge as a major player in India's media industry, boasting significant distribution capabilities and advertising prowess.

    Zee Entertainment, one of India's pioneering privately owned television networks, witnessed a surge in its stock value, with shares jumping by 16.6% following the tribunal's clearance. Under the terms of the deal, Sony Pictures Networks India will hold nearly 51% ownership in the new entity, while Zee's founders will retain a 3.99% stake.

    This merger, initially announced in 2021, faced setbacks when the Securities and Exchange Board of India (SEBI) imposed a ban on Zee's CEO, who was slated to lead the merged company. The ban, which excluded the CEO from participating in the boardrooms of listed companies for a year, prompted Zee to establish an interim committee supervised by its board to oversee operations. Despite the CEO's inability to overturn the ban on appeal, the merger continued to move forward.

    Punit Goenka, Zee's Chief Executive, affirmed in a statement to India's Economic Times in June that the merger was on track regardless of his position within the new entity. This declaration underscored the determination to see the deal through, highlighting the strategic significance of the partnership.

    Earlier this year, the merger faced another obstacle when lender IndusInd Bank Ltd initiated insolvency proceedings against Zee. However, an Indian tribunal intervened and placed a hold on the proceedings, granting relief to the media company. Subsequently, Zee reached an agreement with the lender, settling the dispute and further clearing the path for the merger.

    To address regulatory concerns, Zee and Sony offered concessions, including pricing discounts, which garnered antitrust approval for the merged entity. This alliance is expected to pose a formidable challenge to competitors such as Walt Disney India and Network18, owned by billionaire industrialist Mukesh Ambani.

     

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    10.08.2023, 23:45   Comments (0)   1086
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