Merger draft on Zee Ent-Sony Pic cleared
Draft scheme of amalgamation of Zee Entertainment with Sony Pictures cleared at previously proposed ratios, with some minor changes, long board meeting held from 9:30 am till 3:30 pm approved definitive binding agreements, subject to necessary regulatory approvals.
Sony Pictures, Zee Ent sign deal to merge
Mumbai: Draft scheme of amalgamation of Zee Entertainment with Sony Pictures cleared at previously proposed ratios, with some minor changes, long board meeting held from 9:30 am till 3:30 pm approved definitive binding agreements, subject to necessary regulatory approvals.
Name of resulting entity from Zee Entertainment and Sony Pictures not yet decided. Various options possible included both brands being used or possibly even a completely new identity-not finalized as yet.
Sony to hold 50.8 per cent domestic shareholders just over 47 per cent in merged entity.
Zee promoter family to initially hold over 2.2 per cent, going up to 3.99 per cent. Provision for promoter family to increase stake in merged entity to 20 per cent subject to some clauses like purchase at market value.
