Bengaluru: Media and Entertainment Giant Zee Entertainment Enterprises Ltd said Wednesday the Board had given the principle approval for its merger with the Sony Pictures Networks India (SPNI).
Zee, which has the presence in television broadcasting and digital media with brands such as Zee TV, has been under pressure from top investors for management reshuffle, including the exit of the chief executive, from the council.
Zee said in the exchange of exchanges that the company and SPNI have entered the terms not binding to unite their linear networks, digital assets, production operations and program libraries.
As part of the proposed agreement, Zee shareholders will accommodate around 47.07% of the shares and all entities join will be owned by Sony Indian shareholders.
The term sheet provides a period of 90 days, where the two companies will carry out reciprocal perseverance and resolve the definitive agreement, the word archiving.
The combined entity will be registered in India and Goenka will be the executive director and chief executive.
Zee said the merger proposal would be presented to shareholders for their agreement.