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Prabhudas Lilladher Report
Zee Entertainment Enterprises Ltd. has signed a definitive agreement with Sony Pictures Network India to merge their linear networks, digital assets and program libraries.
The agreement follows conclusion of exclusive negotiation period where in due diligence was conducted. Post-merger, Sony will be the largest shareholder owning 51% in the merged entity.
We believe this merger is a win-win situation, as it will result in material synergies (~6-8% largely on the revenue side) and drive growth as merged entity will have a cash ammunition of $1.7 billion (inclusive of cash on Zee Entertainment's books).
Funds will be utilised to accelerate investment in digital business and bid for premium content like sports.
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