Punit Goenka, MD and CEO of Indian media giant Zee Entertainment Enterprises Ltd, will now work directly with the revenue department of the company’s broadcast business.
Ashish Sehgal, chief growth officer, advertisement revenue, will now directly report into Goenka. Rahul Johri, who led the revenue and monetization vertical, has stepped down after a three-year stint with Zee. Sehgal will now work closely with Goenka, in order to maximize value for advertisers, Zee said. Those who used to previously report to Johri, will now report into the office of Goenka.
“In line with the strategic approach undertaken by the MD and CEO, this announcement is the first step towards streamlining the organization, in order to optimize the resource allocation and enhance productivity,” Zee said in a statement.
The move comes after Sony Group Corporation recently ended its more than two-year attempt to merge its TV and streaming businesses in India with Zee.
Ashish Sehgal, chief growth officer, advertisement revenue, will now directly report into Goenka. Rahul Johri, who led the revenue and monetization vertical, has stepped down after a three-year stint with Zee. Sehgal will now work closely with Goenka, in order to maximize value for advertisers, Zee said. Those who used to previously report to Johri, will now report into the office of Goenka.
“In line with the strategic approach undertaken by the MD and CEO, this announcement is the first step towards streamlining the organization, in order to optimize the resource allocation and enhance productivity,” Zee said in a statement.
The move comes after Sony Group Corporation recently ended its more than two-year attempt to merge its TV and streaming businesses in India with Zee.
- 3/10/2024
- by Naman Ramachandran
- Variety Film + TV
More than two years after announcing a bold $10 billion merger of its TV and streaming businesses in India with local giant Zee Entertainment, Sony Group said Monday that it is officially abandoning the deal.
“After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date,” Sony said in a statement Monday from its offices in India. “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline.”
It added: “We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
Although Sony did not specify on Monday the conditions of the merger that went unfulfilled, a disagreement between the two companies over who would lead the combined entity spilled into public view in recent months.
“After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date,” Sony said in a statement Monday from its offices in India. “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline.”
It added: “We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
Although Sony did not specify on Monday the conditions of the merger that went unfulfilled, a disagreement between the two companies over who would lead the combined entity spilled into public view in recent months.
- 1/22/2024
- by Patrick Brzeski
- The Hollywood Reporter - Movie News
Sony Group Corporation has ended its more than two-year attempt to merge its TV and streaming businesses in India with local giant Zee Entertainment Enterprises Limited (Zeel).
In a statement, issued Monday, Sony Group said: “The merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then. [Sony Pictures Networks India] has been engaged in discussions in good faith to extend the end date but the discussion period has expired without an agreement upon an extension of the end date. As a result, on January 22, 2024, Spni issued a notice to Zeel terminating the definitive agreements.”
A separate statement from Sony in India struck an angrier tone. “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations,...
In a statement, issued Monday, Sony Group said: “The merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then. [Sony Pictures Networks India] has been engaged in discussions in good faith to extend the end date but the discussion period has expired without an agreement upon an extension of the end date. As a result, on January 22, 2024, Spni issued a notice to Zeel terminating the definitive agreements.”
A separate statement from Sony in India struck an angrier tone. “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations,...
- 1/22/2024
- by Patrick Frater and Naman Ramachandran
- Variety Film + TV
Updated: Nayanthara, star of Tamil-language film “Annapoorani” that was pulled from Netflix after complaints from Hindu groups, has broken her silence on the subject.
The actor began her post on X with the salutation “Jai Shri Ram,” meaning glory to Hindu god Rama, often used by Hindus to greet each other.
“I am writing this note with a heavy heart and a genuine desire to address the recent turn of events concerning our film, ‘Annapoorani.’ Crafting ‘Annapoorani’ was not just a cinematic endeavor but a heartfelt pursuit of inspiring resilience and instilling the spirit of never giving up. It aimed to mirror life’s journey, where we learn that obstacles can be overcome with sheer willpower,” Nayanthara wrote.
“In our sincere attempt to share a positive message, we may have inadvertently caused hurt. We did not expect the removal of a censored film, previously showcased in theatres, from the Ott [streaming] platform.
The actor began her post on X with the salutation “Jai Shri Ram,” meaning glory to Hindu god Rama, often used by Hindus to greet each other.
“I am writing this note with a heavy heart and a genuine desire to address the recent turn of events concerning our film, ‘Annapoorani.’ Crafting ‘Annapoorani’ was not just a cinematic endeavor but a heartfelt pursuit of inspiring resilience and instilling the spirit of never giving up. It aimed to mirror life’s journey, where we learn that obstacles can be overcome with sheer willpower,” Nayanthara wrote.
“In our sincere attempt to share a positive message, we may have inadvertently caused hurt. We did not expect the removal of a censored film, previously showcased in theatres, from the Ott [streaming] platform.
- 1/19/2024
- by Naman Ramachandran
- Variety Film + TV
Updated: The merger between India’s Zee Entertainment Enterprises and Sony’s Indian TV businesses has taken another twist with Sony not yet agreeing to the date extension requested by Zee.
Sony Pictures Networks India (Spni) issued a statement on Tuesday, saying: “Zee’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the Spni/Zee merger. The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. Spni is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions.”
Previously: The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses,...
Sony Pictures Networks India (Spni) issued a statement on Tuesday, saying: “Zee’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the Spni/Zee merger. The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. Spni is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions.”
Previously: The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses,...
- 12/19/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
Mega Merger
The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses, which has been nearly two years in the making, is likely to be delayed further, Sony said in a filing on Friday. The companies cleared a key regulatory hurdle in August, but there are other matters pending, especially that of leadership. The original plan had foreseen that Zee’s CEO Punit Goenka would be its captain, while Sony would own a 51% controlling stake. However, Goenka was banned from managing any listed company in India following an interim regulatory report that accused him and Zee founder Subhash Chandra of running the company for their own benefit and “siphoning off” money.
Goenka appealed the decision with India’s Securities Appellate Tribunal, who heard his plea on Wednesday but has reserved a verdict for at least a week.
On Friday, Sony said: “Both companies continue to...
The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses, which has been nearly two years in the making, is likely to be delayed further, Sony said in a filing on Friday. The companies cleared a key regulatory hurdle in August, but there are other matters pending, especially that of leadership. The original plan had foreseen that Zee’s CEO Punit Goenka would be its captain, while Sony would own a 51% controlling stake. However, Goenka was banned from managing any listed company in India following an interim regulatory report that accused him and Zee founder Subhash Chandra of running the company for their own benefit and “siphoning off” money.
Goenka appealed the decision with India’s Securities Appellate Tribunal, who heard his plea on Wednesday but has reserved a verdict for at least a week.
On Friday, Sony said: “Both companies continue to...
- 9/29/2023
- by Naman Ramachandran
- Variety Film + TV
Exclusive: ZEE5 Global’s slate of original series and films are beginning to pay dividends for the South Asian content streamer in the U.S.
We recently reported the service had seen Stateside viewing rise 35% year-on-year and new stats released today show the amount of time original content is being viewed is up by an even higher amount, 46% over the last year. Those watching original movies and series was up 40%.
Of course, like all streamers ZEE5 Global doesn’t release specific viewing metrics or subscriber numbers globally. This makes contextualizing the growth harder but it is believed the total is well into the eight-figure mark.
Hindi-language content drove the most viewing, with Sirf Ek Bandaa Kaafi Hai and Maya Bazaar – For Sale the most-watch movie and series in the last year, respectively. Closely following them are titles such as Tarla, Pitchers and The Kashmir Files: Unreported among others.
ZEE5 Global...
We recently reported the service had seen Stateside viewing rise 35% year-on-year and new stats released today show the amount of time original content is being viewed is up by an even higher amount, 46% over the last year. Those watching original movies and series was up 40%.
Of course, like all streamers ZEE5 Global doesn’t release specific viewing metrics or subscriber numbers globally. This makes contextualizing the growth harder but it is believed the total is well into the eight-figure mark.
Hindi-language content drove the most viewing, with Sirf Ek Bandaa Kaafi Hai and Maya Bazaar – For Sale the most-watch movie and series in the last year, respectively. Closely following them are titles such as Tarla, Pitchers and The Kashmir Files: Unreported among others.
ZEE5 Global...
- 9/6/2023
- by Jesse Whittock
- Deadline Film + TV
Zee Entertainment Enterprises (Zeel) MD-ceo Punit Goenka will not be able to hold any office in the merged Sony-Zee entity for now, market regulator Securities and Exchange Board of India (Sebi) has said.
In June, Sebi had barred Goenka and Zeel chair emeritus Subhash Chandra from holding any managerial or directorial positions in listed companies while it carried out investigations into allegations of insider trading.
The merger cleared a key regulatory hurdle last week. When it is finalized, the deal may have far-reaching implications within the Indian TV and streaming sectors.
Under the original terms of the deal Goenka was to lead the merged outfit, while Sony would own a 51% controlling stake.
On Monday, Sebi upheld the June order and barred Goenka and Chandra from joining the management of Zeel, Zee Media Corporation, Zee Media Corp and Zee Aakash News and “any resultant company that is formed pursuant to a...
In June, Sebi had barred Goenka and Zeel chair emeritus Subhash Chandra from holding any managerial or directorial positions in listed companies while it carried out investigations into allegations of insider trading.
The merger cleared a key regulatory hurdle last week. When it is finalized, the deal may have far-reaching implications within the Indian TV and streaming sectors.
Under the original terms of the deal Goenka was to lead the merged outfit, while Sony would own a 51% controlling stake.
On Monday, Sebi upheld the June order and barred Goenka and Chandra from joining the management of Zeel, Zee Media Corporation, Zee Media Corp and Zee Aakash News and “any resultant company that is formed pursuant to a...
- 8/15/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
The Indian media landscape has been jolted by two largely expected, but nevertheless seismic, events in recent days — and aftershocks look inevitable.
The proposed merger between local powerhouse Zee Entertainment Enterprises and Sony’s Indian TV businesses has been nearly two years in the making, but finally cleared a key regulatory hurdle on Thursday. The combined companies have the potential to create a giant in broadcast TV — a sector that is still paramount in India — and are valued at $10 billion.
Last week’s other tremblor was news from Burbank that Disney+ Hotstar, India’s streaming market leader, had lost 12.5 million subscribers, following the loss of key sports rights to a competitor. While no surprise, the news confirmed that the Indian streaming market remains a difficult environment to achieve both scale and profitability.
The Sony-Zee merger is not final yet. India’s National Company Law Tribunal (Nclt) approved the merger last week,...
The proposed merger between local powerhouse Zee Entertainment Enterprises and Sony’s Indian TV businesses has been nearly two years in the making, but finally cleared a key regulatory hurdle on Thursday. The combined companies have the potential to create a giant in broadcast TV — a sector that is still paramount in India — and are valued at $10 billion.
Last week’s other tremblor was news from Burbank that Disney+ Hotstar, India’s streaming market leader, had lost 12.5 million subscribers, following the loss of key sports rights to a competitor. While no surprise, the news confirmed that the Indian streaming market remains a difficult environment to achieve both scale and profitability.
The Sony-Zee merger is not final yet. India’s National Company Law Tribunal (Nclt) approved the merger last week,...
- 8/14/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
Indian regulators have approved, after much delay, the proposed merger between Sony’s TV operations in India and the country’s Zee Entertainment Enterprises.
It would bring together linear TV networks, digital businesses, production operations and content libraries to create an Indian sector powerhouse.
The merger, first unveiled in 2021, faced antitrust and other concerns. Last year, the two companies offered concessions on such issues as price discounts to ease regulatory worries before receiving antitrust approval for the deal. The company also ran into a hurdle when the Securities and Exchange Board of India banned Zee bosses Subhash Chandra and Punit Goenka from the boardrooms of publicly traded companies for a year.
Now, however, the deal seems ready to close. On Thursday, the Mumbai branch of the National Company Law Tribunal gave its green light, clearing the way for the combination.
In the deal, as unveiled in late 2021, Sony Pictures Network...
It would bring together linear TV networks, digital businesses, production operations and content libraries to create an Indian sector powerhouse.
The merger, first unveiled in 2021, faced antitrust and other concerns. Last year, the two companies offered concessions on such issues as price discounts to ease regulatory worries before receiving antitrust approval for the deal. The company also ran into a hurdle when the Securities and Exchange Board of India banned Zee bosses Subhash Chandra and Punit Goenka from the boardrooms of publicly traded companies for a year.
Now, however, the deal seems ready to close. On Thursday, the Mumbai branch of the National Company Law Tribunal gave its green light, clearing the way for the combination.
In the deal, as unveiled in late 2021, Sony Pictures Network...
- 8/10/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
The Indian mega-merger between Sony’s TV operations in India and Zee Entertainment has been given the greenlight, paving the way for a $10B TV partnership.
According to Reuters, people present at a regulatory hearing said on Thursday a key approval had been given. Zee’s shares were up 10% after the National Company Law Tribunal cleared the deal.
The mega-merger will create an Indian media giant, with the bringing together of the two companies’ linear TV networks, digital assets, production operations and program libraries. Sony will provide a large cash injection and control a majority share stake of close to 51%.
The merger has been in the offing for two years but has hit several regulatory roadblocks. It triggered worries after the Securities and Exchange Board of India banned Zee bosses Subhash Chandra and Punit Goenka from the boardrooms of listed companies for a year.
Sony said recently it was taking...
According to Reuters, people present at a regulatory hearing said on Thursday a key approval had been given. Zee’s shares were up 10% after the National Company Law Tribunal cleared the deal.
The mega-merger will create an Indian media giant, with the bringing together of the two companies’ linear TV networks, digital assets, production operations and program libraries. Sony will provide a large cash injection and control a majority share stake of close to 51%.
The merger has been in the offing for two years but has hit several regulatory roadblocks. It triggered worries after the Securities and Exchange Board of India banned Zee bosses Subhash Chandra and Punit Goenka from the boardrooms of listed companies for a year.
Sony said recently it was taking...
- 8/10/2023
- by Max Goldbart
- Deadline Film + TV
The proposed merger between Zee Entertainment Enterprises Limited and Sony’s TV operations in India has finally been given a green light – nearly two years after the deal was first announced. The merged entity’s estimated value is some $10 billion.
The regulatory green light came in the form of an oral order made Thursday by the Mumbai Bench of the National Company Law Tribunal (Nclt)
The deal is intended to combine the two companies’ linear TV networks, digital assets, production operations and program libraries.
According to the plans announced in September 2021 and finalized in December 2021, the merged company would retain Zee’s stock market listing in India. But Sony would provide a large cash injection and control a majority share stake of close to 51%.
The deal went through several hiccups from the Zee side before it came to fruition. There were objections from the Atlanta-based Invesco fund, one of Zee’s largest shareholders,...
The regulatory green light came in the form of an oral order made Thursday by the Mumbai Bench of the National Company Law Tribunal (Nclt)
The deal is intended to combine the two companies’ linear TV networks, digital assets, production operations and program libraries.
According to the plans announced in September 2021 and finalized in December 2021, the merged company would retain Zee’s stock market listing in India. But Sony would provide a large cash injection and control a majority share stake of close to 51%.
The deal went through several hiccups from the Zee side before it came to fruition. There were objections from the Atlanta-based Invesco fund, one of Zee’s largest shareholders,...
- 8/10/2023
- by Patrick Frater and Naman Ramachandran
- Variety Film + TV
Sony Pictures Entertainment is taking an interim regulatory order against Zee Entertainment directors Subhash Chandra and Punit Goenka “very seriously,” despite concerns over what it could mean for the two companies’ merger.
The India Securities and Exchange Board (Sebi) last week issued an order banning Zee founder and Chairman Emeritus Chandra and Managing Director Goenka from taking key roles at any listed company over allegations of insider trader.
That had led to speculation the plan to merger Sony Pictures Networks India and Zee into one company could be impacted. The new business would span TV channels, film assets and streaming services SonyLIV and ZEE5 Global.
Sony is planning to push on with the merger despite the increasingly uncertain backdrop, suggesting Indian press reports over the situation were incorrect.
“There have been several erroneous press reports recently speculating about the future of Zee’s planned merger with Spni following Sebi’s...
The India Securities and Exchange Board (Sebi) last week issued an order banning Zee founder and Chairman Emeritus Chandra and Managing Director Goenka from taking key roles at any listed company over allegations of insider trader.
That had led to speculation the plan to merger Sony Pictures Networks India and Zee into one company could be impacted. The new business would span TV channels, film assets and streaming services SonyLIV and ZEE5 Global.
Sony is planning to push on with the merger despite the increasingly uncertain backdrop, suggesting Indian press reports over the situation were incorrect.
“There have been several erroneous press reports recently speculating about the future of Zee’s planned merger with Spni following Sebi’s...
- 6/21/2023
- by Jesse Whittock
- Deadline Film + TV
Weeks after India Securities and Exchange Board (Sebi) barred Zee Entertainment Enterprises (Zeel) top brass from holding any managerial or directorial positions, Sony has responded.
On June 12, Sebi barred Punit Goenka and Subhash Chandra, MD-ceo and chairman emeritus respectively, of media giant Zeel, from holding any managerial or directorial positions in listed companies. The suspension is while Sebi carries out investigations into allegations of insider trading.
Zee has challenged the Sebi order at the Securities Appellate Tribunal and the matter will be heard on June 26.
In 2021, Zeel and Sony Pictures Networks India (subsequently renamed Culver Max Entertainment) signed definitive agreements to merge the two entities to create an Indian broadcast giant, with Goenka to lead the merged entity as MD and CEO. The merger is pending approval from India’s National Company Law Tribunal.
Following the Sebi order, Indian media outlets have been speculating about what the intervention might mean for the proposed merger.
On June 12, Sebi barred Punit Goenka and Subhash Chandra, MD-ceo and chairman emeritus respectively, of media giant Zeel, from holding any managerial or directorial positions in listed companies. The suspension is while Sebi carries out investigations into allegations of insider trading.
Zee has challenged the Sebi order at the Securities Appellate Tribunal and the matter will be heard on June 26.
In 2021, Zeel and Sony Pictures Networks India (subsequently renamed Culver Max Entertainment) signed definitive agreements to merge the two entities to create an Indian broadcast giant, with Goenka to lead the merged entity as MD and CEO. The merger is pending approval from India’s National Company Law Tribunal.
Following the Sebi order, Indian media outlets have been speculating about what the intervention might mean for the proposed merger.
- 6/21/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
The proposed merger of India’s Zee Entertainment Enterprises Limited (Zeel) and Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited) has received approval from the country’s Bombay Stock Exchange and National Stock Exchange.
“The approval from the stock exchanges marks a firm and positive step in the overall merger approval process,” Zeel said in a statement. “The approvals permit the company to proceed with the next steps in the overall merger process.”
In April this year, Sony Pictures Networks changed its corporate name to Culver Max Entertainment. The name is used exclusively by the holding company, with Sony Pictures Networks continuing as the consumer facing brand.
In Dec. 2021 the companies signed definitive agreements to merge Zeel with and into Spni and combine their linear TV networks, digital assets, production operations and program libraries.
The merged company will retain Zee’s stock market listing in India.
“The approval from the stock exchanges marks a firm and positive step in the overall merger approval process,” Zeel said in a statement. “The approvals permit the company to proceed with the next steps in the overall merger process.”
In April this year, Sony Pictures Networks changed its corporate name to Culver Max Entertainment. The name is used exclusively by the holding company, with Sony Pictures Networks continuing as the consumer facing brand.
In Dec. 2021 the companies signed definitive agreements to merge Zeel with and into Spni and combine their linear TV networks, digital assets, production operations and program libraries.
The merged company will retain Zee’s stock market listing in India.
- 7/29/2022
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
Indian streamer SonyLIV has revealed a robust slate of twenty 2022 original series, which includes its first ever Tamil-language shows “Accidental Farmer,” “Meme boys” and “Tamil Stalkers,” with Telugu and Malayalam-language shows also in the works.
Coming up on the Hindi-language slate is Nikkhil Advani and Abhay Pannu’s period drama “Rocket Boys,” produced by Roy Kapur Films and Emmay Entertainment, the story of the scientists behind India’s nuclear program. It stars Jim Sarbh (“Made in Heaven”), Ishwak Singh (“Paatal Lok”) and Regina Cassandra (“Thalaivi”).
The slate also has series from a who’s who of Bollywood including “Doctor Arora” by Imtiaz Ali (“Rockstar”), “Jehabanaad” by Sudhir Mishra (“Serious Men”), “Garmi” by Tigmanshu Dhulia (“Paan Singh Tomar”) and “Faadu” by Ashwiny Iyer Tiwari (“Bareilly Ki Barfi”).
The streamer’s biggest hit to date has been Hansal Mehta’s “Scam 1992: The Harshad Mehta Story,” and the filmmaker returns to SonyLIV...
Coming up on the Hindi-language slate is Nikkhil Advani and Abhay Pannu’s period drama “Rocket Boys,” produced by Roy Kapur Films and Emmay Entertainment, the story of the scientists behind India’s nuclear program. It stars Jim Sarbh (“Made in Heaven”), Ishwak Singh (“Paatal Lok”) and Regina Cassandra (“Thalaivi”).
The slate also has series from a who’s who of Bollywood including “Doctor Arora” by Imtiaz Ali (“Rockstar”), “Jehabanaad” by Sudhir Mishra (“Serious Men”), “Garmi” by Tigmanshu Dhulia (“Paan Singh Tomar”) and “Faadu” by Ashwiny Iyer Tiwari (“Bareilly Ki Barfi”).
The streamer’s biggest hit to date has been Hansal Mehta’s “Scam 1992: The Harshad Mehta Story,” and the filmmaker returns to SonyLIV...
- 1/20/2022
- by Naman Ramachandran
- Variety Film + TV
Sony Pictures Networks India (Spni) and Zee Entertainment have completed their merger, creating a combined entity led by Zee CEO Punit Goenka fit to take on the U.S. streaming giants in the nation.
News of the merger first emerged in late September when the two parties entered into an exclusive non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.
The deal required a 90 day period for regulatory third-party approvals to clear, which completed yesterday (December 21).
The new entity, which is publicly listed and will be led by Goenka, stands to overtake Disney’s Star India as the country’s biggest player, according to Reuters, bringing together 75 news, entertainment, sports and movie channels including Sony Max, Zee TV and streamers such as ZEE5 Global. Goenka had been under pressure at Zee amidst calls for a management reshuffle, according to reports.
The business will be majority owned (51%) by Spni,...
News of the merger first emerged in late September when the two parties entered into an exclusive non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.
The deal required a 90 day period for regulatory third-party approvals to clear, which completed yesterday (December 21).
The new entity, which is publicly listed and will be led by Goenka, stands to overtake Disney’s Star India as the country’s biggest player, according to Reuters, bringing together 75 news, entertainment, sports and movie channels including Sony Max, Zee TV and streamers such as ZEE5 Global. Goenka had been under pressure at Zee amidst calls for a management reshuffle, according to reports.
The business will be majority owned (51%) by Spni,...
- 12/22/2021
- by Max Goldbart
- Deadline Film + TV
Sony Pictures Networks India Private Limited and Zee Entertainment Enterprises Ltd. on Wednesday announced that they have signed definitive agreements to merge Zeel with and into Spni and combine their linear TV networks, digital assets, production operations and program libraries.
The merged company will retain Zee’s stock market listing in India. But Sony will provide a large cash injection and control a majority share stake of close to 51%. The agreement, first announced in September, is subject to regulatory and shareholder approvals.
Zee’s Punit Goenka will lead the combined company as its MD and CEO. The majority of the board of directors will be nominated by the Sony Group and will include the current Spni MD and CEO, N.P. Singh. After the deal is completed Singh will assume a broader executive position at Spe as chairman, Sony Pictures India (a division of Sony Pictures Entertainment) reporting to Ravi Ahuja,...
The merged company will retain Zee’s stock market listing in India. But Sony will provide a large cash injection and control a majority share stake of close to 51%. The agreement, first announced in September, is subject to regulatory and shareholder approvals.
Zee’s Punit Goenka will lead the combined company as its MD and CEO. The majority of the board of directors will be nominated by the Sony Group and will include the current Spni MD and CEO, N.P. Singh. After the deal is completed Singh will assume a broader executive position at Spe as chairman, Sony Pictures India (a division of Sony Pictures Entertainment) reporting to Ravi Ahuja,...
- 12/22/2021
- by Patrick Frater and Naman Ramachandran
- Variety Film + TV
Netflix leads the market in terms of revenue market share, while Disney+ Hotstar has the biggest number of subscribers.
India’s Ott revenue will grow from its current level of $1.9bn in 2021 to around $4.5bn by 2026, said analysts at Media Partners Asia’s Apos India conference, while the total India video market, including pay-tv, will grow to $18.2bn over the next five years.
However, among Ott services, advertising video-on-demand (AVOD) will continue to pull in more revenue than subscription video-on-demand (SVOD), growing from its current rate of $1.1bn in 2021 to $2.4bn in 2026. Over the same time period, SVOD will grow...
India’s Ott revenue will grow from its current level of $1.9bn in 2021 to around $4.5bn by 2026, said analysts at Media Partners Asia’s Apos India conference, while the total India video market, including pay-tv, will grow to $18.2bn over the next five years.
However, among Ott services, advertising video-on-demand (AVOD) will continue to pull in more revenue than subscription video-on-demand (SVOD), growing from its current rate of $1.1bn in 2021 to $2.4bn in 2026. Over the same time period, SVOD will grow...
- 11/25/2021
- by Liz Shackleton
- ScreenDaily
Punit Goenka, MD and CEO of India’s Zee Entertainment Enterprises Limited, has shed light on the proposed merger with Sony Pictures Networks India.
Delivering the keynote address at media conference Apos India, Goenka revealed that the merger is in the “final stages of stitching up.”
“I certainly believe that consolidation is going to benefit the industry overall,” said Goenka. “Zee and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis combined will be close to $2 billion, and the capital growth that Sony is going to infuse in the merge entity will really give us the opportunity to invest in premium content and include sports.”
“There is going to be a huge opportunity on both the digital and the linear side to create big scale entertainment properties and acquire large IPs across genres,” Goenka said.
One of those genres could be sport.
Delivering the keynote address at media conference Apos India, Goenka revealed that the merger is in the “final stages of stitching up.”
“I certainly believe that consolidation is going to benefit the industry overall,” said Goenka. “Zee and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis combined will be close to $2 billion, and the capital growth that Sony is going to infuse in the merge entity will really give us the opportunity to invest in premium content and include sports.”
“There is going to be a huge opportunity on both the digital and the linear side to create big scale entertainment properties and acquire large IPs across genres,” Goenka said.
One of those genres could be sport.
- 11/23/2021
- by Naman Ramachandran
- Variety Film + TV
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.