CURRENT AFFAIRS

Detailed explanation-1: -Mr Punit Goenka will continue to be the Managing Director (MD) and CEO of the merged entity. The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, Mr. N.P.

Detailed explanation-2: -As a result, Sony Pictures will get a larger 52.93% share in the combined entity. The balance 47.07% stake will be held by Zee Entertainment. Since Zee Entertainment will cease to exist as an independent entity, the shareholders of Zee will be issued shares of the merged entity on a proportionate basis.

Detailed explanation-3: -Punit Goenka will lead the merged entity. As per the deal, Sony Pictures Entertainment (SPE) will indirectly hold a majority of 50.86 per cent of the combined company, while ZEEL will hold a 45.15 per cent.

Detailed explanation-4: -Zee Entertainment’s public shareholders will own the remaining 45.15%. As part of the deal, Zee founder Subhash Chandra’s son, Punit Goenka, will continue to be the combined company’s managing director and chief executive.

Detailed explanation-5: -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.