Zee’s 18% owner wants new board to review Sony merger

Mumbai: Invesco, the largest shareholder in Zee Entertainment Enterprises, is not against the company’s proposed merger with Sony Pictures Networks but wants a new board to evaluate the deal as well as decide on “future leadership”, it has said in a letter to the company’s board.

While the proposed deal allows Zee MD Punit Goenka to be in charge of the merged business, the US-based fund, which holds 18% in Zee, had sought a rejig of the company’s board including his ouster. Invesco said, “A newly constituted board supported with the strength of independence will be best suited to evaluate and oversee the potential for strategic transactions, like the one announced (with Sony), as well as to make determinations on the future leadership of the company.”