CURRENT AFFAIRS

Detailed explanation-1: -On 31 August 2016 the Board of Directors of Zee Entertainment Enterprises (ZEE) approved the sale and transfer of the sports broadcasting business of the company including TEN brands of television channels to SPN at an aggregate all-cash consideration of USD 385 million.

Detailed explanation-2: -ZEE and SPN had signed a definitive agreement to merge the two companies on December 22, last year. The proposed merger will see ZEE merging into SPN and, after closing, the merged company will be publicly listed in India. As per the agreement, Goenka will lead the merged company as its MD and CEO.

Detailed explanation-3: -To put things in perspective, the Zee-Sony combine will become India’s second-largest entertainment network by revenue with over 75 television (TV) channels, along with two video streaming services-ZEE5 and SonyLIV.

Detailed explanation-4: -CME was earlier known as Sony Pictures Networks India Pvt Ltd (SPNI). ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries.

Detailed explanation-5: -In December 2021, the two companies said in a joint statement that the Japanese company would own a 50.86% stake in the merged entity, while Zee Entertainment’s promoters would own 3.99%. Zee Entertainment’s public shareholders will own the remaining 45.15%.