Sony Pictures Networks India, Zee Entertainment sign merger agreement

Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday announced that they have signed definitive  agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an  exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction  is subject to certain customary closing conditions, including regulatory, shareholder, and third party approvals. 

Under the terms of the definitive agreements, SPNI will