Zee Entertainment Enterprises (ZEEL) zoomed 39 percent to Rs 355.35 on the National Stock Exchange (NSE) in the intra-day trade on Wednesday after the company announced a merger with Sony Pictures India.ZEEL said on Wednesday that its board of directors has unanimously provided in-principle approval for the merger with Sony Pictures Networks India (SPNI). Zee, which has a presence in television broadcasting and digital media with brands such as Zee TV, has been under pressure from top investors for a management reshuffle, including the exit of Chief Executive, Punit Goenka, from the board. Sony Pictures Networks India (SPNI) and ZEEL have signed an exclusive, non-binding term sheet to combine the companies' linear networks, digital assets, production operations, and program libraries, the companies said on Wednesday.SPNI will also infuse $1.575 billion in the entity, ZEEL said in a filing.
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