ZEEL-Sony merger in final stages, combined revenue to reach USD 2 billion: Punit Goenka


New Delhi: Zee Entertainment Enterprises Limited (ZEEL) Managing Director and CEO Punit Goenka on Tuesday (November 23) said that the company’s merger with Sony Pictures Networks India (SPN) is in the final stages. He asserted that the combined revenue of the merged entity would reach close to USD 2 billion.

Speaking at APOS India Summit, Goenka said that the two companies will come together to form the largest entertainment media entity in the country.

“ZEE and Sony will form the largest entertainment media player in the country. Our combined revenues on a standalone basis will be around USD 2 billion. Sony will infuse USD 1.575 billion in the merged entity,” said Goenka.

He added that the “decisions related to bidding will be taken by the Board of the merged entity, and not by me individually”.

Goenka’s statement comes amid hurdles in the merger deal being created by one of its investors – Invesco.

He further said that the focus of the merged entity will be sports. “We just finished non-compete on sports with Sony and it’s coming full circle,” he said.

Goenka also emphasised that the company would pay special attention to the digital landscape.

“The digital landscape has opened up new opportunities for monetisation which was not there five years ago. Sports will certainly be an area of interest,” he said.

He said that before the COVID-19 pandemic, no one thought 40-50 million people would pay for digital content.

But the sector has seen rapid growth, he said, adding that the Indian SVOD (Subscription video on demand) market will grow to 200 million in the next five years.

Source link