Sony Pictures Networks and Zee to Merge Creating Indian Broadcast Giant
, but following a cash injection of $1.57 billion from Sony India’s backers, the Sony shareholders will control a 53% majority stake.
Sony Pictures Networks India has long been an important figure in the Indian television landscape, thanks to its generalist TV channel Sony Entertainment Television which was launched in 1995. But it is understood that SPNI has previously been frustrated in its attempts to either sell off the business or expand it to a larger scale. It currently consists of 26 TV channels, a film production and distribution unit and the widely-viewed streaming platform SonyLIV.
In 2019, Essel brought in financial advisers Goldman Sachs to help it evaluate strategic options and then to weigh bids for the sale of a stake in ZEEL. Sony and Essel held talks in 2019, but these came to naught.
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