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    ZEEL   INE256A01028

ZEE ENTERTAINMENT ENTERPRISES LIMITED

(ZEEL)
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Zee Entertainment Board Agrees to Merger With Sony India

09/21/2021 | 11:14pm EDT

By P.R. Venkat

Zee Entertainment Enterprises Ltd.'s board has approved its merger with the Indian unit of Sony Group Corp., a move aimed at improving profitability and growth in South Asia.

Sony Pictures Networks India and Zee have entered a 90-day exclusivity period during which both the companies will conduct due diligence and finalize the agreement, Zee said Wednesday.

The merged entity will be a publicly listed company in India.

After the deal, Sony India will have a 52.93% stake in the merged entity while Zee will hold the rest.

"The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes," Zee's chairman R. Gopalan said.

As part of the transaction, Punit Goenka will continue to be the managing director and chief executive of the merged entity, Zee said. Sony Group will have the right to appoint majority directors on the board of the merged company.

Zee offers content ranging from movies to music and is also involved in the theatre business. It has a presence in 173 countries and is among the largest global content companies across genres, languages, and platforms.

Sony India is a indirect wholly owned subsidiary of Japan's Sony Group. The Indian unit has several channels including Sony Entertainment TV. It has over 700 million viewers in India and is available in 167 countries.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

09-21-21 2313ET

Stocks mentioned in the article
ChangeLast1st jan.
SONY GROUP CORPORATION 1.95% 13065 End-of-day quote.27.03%
ZEE ENTERTAINMENT ENTERPRISES LIMITED 4.30% 317.5 Delayed Quote.36.20%
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Financials
Sales 2022 83 589 M 1 114 M 1 114 M
Net income 2022 13 120 M 175 M 175 M
Net cash 2022 19 239 M 256 M 256 M
P/E ratio 2022 21,8x
Yield 2022 1,22%
Capitalization 292 B 3 897 M 3 898 M
EV / Sales 2022 3,27x
EV / Sales 2023 2,87x
Nbr of Employees 3 338
Free-Float 27,4%
Chart ZEE ENTERTAINMENT ENTERPRISES LIMITED
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Zee Entertainment Enterprises Limited Technical Analysis Chart | ZEEL | INE256A01028 | MarketScreener
Technical analysis trends ZEE ENTERTAINMENT ENTERPRISES LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 304,40 INR
Average target price 352,00 INR
Spread / Average Target 15,6%
EPS Revisions
Managers and Directors
Punit Subhash C. Goenka Chief Executive Officer, Executive Director & MD
Rohit Kumar Gupta Chief Financial Officer
Rajarangamani Gopalan Chairman
Nitin Mittal President-Technology & Data
Sachin Rumde Head-Operations
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