Punit Goenka will remain the Managing Director and Chief Executive Officer of the new entity created by the mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), it has been announced.
In fact, SPNI insisted on appointing Goenka as the CEO and MD of the merged entity. “It is an integral part of the proposed merger that Mr Punit Goenka continues to be the Managing Director and CEO of the merged entity,” the companies said in a press release.
According to the term sheet, the promoter family is free to increase its shareholding from the current ~4% to up to 20%, in the normal course of business, the release said.
“The management of ZEEL, ably led by Mr Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders,” it said.
Sony Pictures Entertainment, the parent company of SPNI, will infuse $1.575 billion in the merged entity.
Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group