Patrick Frater Asia Bureau ChiefTwo of the largest broadcast groups in India are to merge, it was announced on Wednesday morning local time.Publicly-listed Zee Entertainment Enterprises Limited is to merge with Sony Pictures Networks India.
The merged business will be headed by Zee’s Punit Goenka, but following a cash injection of $1.57 billion from Sony India’s backers, the Sony shareholders will control a 53% majority stake.The move follows years of corporate turbulence at both companies and comes at a time when the massive Indian television landscape is being transformed by vastly wider access to broadband internet and the incursion of streaming video services.Sony Pictures Networks India has long been an important figure in the Indian.
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