ZEEL spurts on announcing merger with Sony Pictures Networks India

Zee Entertainment Enterprises (ZEEL) jumped 10% to Rs 281.20 after the company said its board approved merger between the firm and Sony Pictures Networks India (SPNI).

The board of ZEEL present and voting in its board meeting held on 21 September 2021, unanimously provided an in-principle approval for the merger between SPNI & ZEEL.

ZEEL and SPNI have entered into a non-binding term sheet to combine both companies’ linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements. The merged entity will be a publicly listed company in India.