Zee Entertainment signed a merger deal with Sony Pictures Networks India Private Limited, according to a regulatory filing by the media company to the stock exchanges on Wednesday, September 22. Zee Entertainment's board of directors unanimously approved the merger between Sony Pictures Networks India and Zee Entertainment Enterprises Limited (ZEEL), in a board meeting held today. Mr Punit Goenka will continue to be the Managing Director (MD) and CEO of the merged entity. The promoters of Sony India will have the right to appoint the majority of directors to the merged company.
Now, reacting to the merger, actress Kangana Ranaut took to her Instagram stories and praised Puneet Goenka for being a “gem of a person”. She also congratulated him and also wished him the best for the future. Taking to her Instagram story, the Queen actress wrote, Punit sir is the most genuine, humble and gem of a person I ever worked with . I wish him the very best for these new beginnings,” she wrote. The combined entity of ZEEL and SPNI will operate a network of 75 channels, which will account for around 26% viewership share. The shareholders of Sony Pictures will hold a majority stake in the merged entity. The parent company of SPNI is also infusing USD 1.57 billion into the merged group. Zee Entertainment will hold 47.07 per cent stake, while Sony India will hold a majority stake of 52.93 per cent in the merged company, according to the statement.