Zee Entertainment Enterprises (ZEEL) on Friday stated that just about 100 per cent of its shareholders had authorised its proposed merger with Sony Pictures Networks (SPN) India. Zee had convened a gathering of its shareholders on Friday, following instructions of the Mumbai bench of the National Company Law Tribunal (NCLT) in August.
Disclosing its voting outcomes to the inventory exchanges on Friday night, the corporate stated that 99.99 per cent of fairness shareholders had authorised the proposed merger.
In an announcement, ZEEL’s MD & CEO, Punit Goenka stated that the event would strengthen its skills to maneuver ahead within the merger course of.
An announcement from the Zee on October 4 had stated that the CCI had granted the approval in Part 1 after evaluating the official authorized and financial submissions made by the corporate.
“Contemplating the immense worth which the proposed merger will generate for all its stakeholders, the corporate has provided the required treatments in accordance with the regulator’s pointers,” Zee had stated.
An in depth order from the CCI is predicted within the subsequent few weeks within the matter.
Zee TV and Sony Leisure Tv are the flagship channels of the 2 networks in Hindi common leisure. The 2 gamers have a mixed viewership share of 36 per cent in Hindi common leisure, in response to year-to-date information from the Broadcast Viewers Analysis Council India sourced from the trade.
In Hindi motion pictures, the mixed viewership share is 33 per cent, whereas in Marathi and Bengali leisure, the mixed viewership shares are 38 per cent and 26 per cent every.
Zee and Sony had been in dialogue with the antitrust regulator for over a month to resolve points with regard to the proposed merger.
To place issues in perspective, the Zee-Sony mix will turn out to be India’s second-largest leisure community by income with over 75 tv (TV) channels, together with two video streaming providers — ZEE5 and SonyLIV. It would additionally home two movie studios — Zee Studios and Sony Pictures Movies India — and a digital content material studio (Studio NXT).
First introduced in September final 12 months, the merger was authorised by the boards of the 2 companies in December after a 90-day due diligence interval.
Beneath the phrases of the association, Sony will maintain 50.86 per cent stake within the merged entity. The promoters of Zee will maintain 3.99 per cent and different Zee shareholders will maintain 45.15 per cent stake within the mixed firm.
Sony will even inject money of $1.5 billion into the merged entity to allow it to drive sharper content material creation throughout platforms, strengthen its footprint within the quickly evolving digital ecosystem, and pursue different development alternatives.