Zee Entertainment on Wednesday announced that the board of directors of the company evaluated and approved the Scheme of Arrangement between Zee Entertainment Enterprises Limited, Bangla Entertainment & Pvt Ltd (BEPL), and Sony Pictures Networks India Private Limited, at its meeting held on December 21, 2021. Zee’s current holding company Essel will possess 3.99 percent of the merged business, while Sony Pictures Networks India Pvt. will possess 50.86 percent. As part of the definitive agreement, public shareholders will receive the remaining 45.15 percent. Punit Goenka will continue to be the MD and CEO of the merged business. The deal is subject to regulatory, shareholder, and third-party approvals, as well as other standard closing conditions. The new combined business will be publicly listed.
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