On Sunday, Zee Entertainment Enterprises Limited (ZEEL) declared about its merge with Sony Pictures Networks India (SPNI). After this merge, the majority shareholder with 52.93% shares will be Sony as it will invest $1.57 billion.

Whereas the shareholders of ZEEL will be holding 47.07% shares. The merger was approved by ZEEL board. The board said that Punit Goenka will continue to be the Managing Director and CEO of the merged unit.

In a statement, the ZEEL board said that the merge has not only evaluated financial parameters, “but also the strategic value, which the partner brings to the table.”

It added that the companies have entered into non-binding agreement and combine their digital assets, linear networks, program libraries, and production operations.