Sony Pictures Networks India To Merge With Zee Entertainment - Sony Group (NYSE:SONY)

Sony Group Corp's SONY Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) agreed to combine their linear networks digital assets, production operations, and program libraries.
The combined publicly listed company will lead consumers from traditional pay-TV into the digital future, benefitting consumers throughout India across content genres, from film to sports.
SPNI parent Sony Pictures Entertainment would invest growth capital in SPNI to have a cash balance of $1.575 billion.
The cash will help enhance the combined company's digital platforms and bid for broadcasting rights in the sports landscape.
Sony Pictures Entertainment would hold a majority stake in the combined company.
Current ZEEL CEO Punit Goenka would lead the combined company.
The combined company's board would include directors nominated by Sony Group and appoint the majority of the board members.
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Price Action: SONY shares are trading higher by 1.71% at $114.30 on the last check Wednesday.