Tag: Sony Pictures Networks India Private Limited

ZEEL equity shareholders give thumbs up to Sony-Zee merger

Mumbai : Zee Entertainment Enterprises Ltd (ZEEL) has announced that the company’s equity shareholders have approved the proposed merger of ZEEL and BangIa Entertainment Pvt. Ltd. with and into Culver Max Entertainment Pvt. Ltd . (formerly Sony Pictures Networks India Pvt. Ltd.)

The company called the meeting of its equity shareholders on 14 October in accordance with the National Company Law Tribunal (NCLT), Mumbai Bench, order dated 24 August in order to ask for approval for the proposed merger.

The proposed merger resolution was presented during the meeting, and 99.99 per cent of the equity shareholders of ZEEL enthusiastically endorsed it.

The company said, “The approval marks yet another firm and positive step forward, in the overall merger completion process.” ZEEL managing director & CEO Punit Goenka will be the managing director and CEO of the amalgamated business.

After an exclusive negotiation period in which both parties engaged in mutual due diligence was over, Sony Pictures Networks India (SPNI) and ZEEL finalised the merger in December of last year.

The promoters (founders) of ZEEL will hold 3.99 per cent of the combined company after the transaction closes, while the remaining ZEEL shareholders will hold a 45.15 percent stake. Sony Pictures Entertainment Inc. will indirectly hold a majority of 50.86 per cent of the combined company.

Through a subsidiary, Sony Pictures Entertainment (SPE) will pay certain Zeel promoters a non-compete fee in accordance with the transactions envisioned by a non-compete agreement. The non-compete fee will be used by these promoters (founders) to provide SPNI with initial equity funding, granting them the opportunity to buy shares in SPNI that, on a post-closing basis, would equal roughly 2.11 percent of the total shares of the combined company.

Goenka said, “On behalf of all the Board members and management of ZEEL, I would like to thank the equity shareholders of the company for recognising the value-accretive opportunities the proposed merger will deliver to all stakeholders. The continued trust and overwhelming support by our equity shareholders towards the resolution of the Composite Scheme of Arrangement, further strengthen our abilities to consistently deliver higher value as we move forward in this process.”

The Competition Commission of India (CCI) granted ZEEL permission in a communication dated 4 October. The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have also given the company their approvals for July 2022.

The Composite Scheme of Arrangement is still pending approval from the relevant authorities and other parties.

October 14, 2022
NCLT seeks shareholder nod for Zeel-Sony merger

Mumbai : Phew! One more hurdle is set to get out of the way to create what could possibly end up being India’s largest media entertainment behemoth with the proposed merger of Zee Entertainment Enterprises Ltd (Zeel) and Sony Pictures Networks India (SPNI).

The National Company Law Tribunal’s (NCLT’s ) Mumbai bench has directed Zeel to convene a virtual shareholder meeting on 14 October at 4 pm to get their nod for the merger.

In July 2022 , Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) gave their approval. But the Competition Commission of India (CCI) has yet to give its approval as it is investigating how the fusion will affect market dominance. The NCLT direction was made last month but Zeel communicated this to the Bombay stock exchange (BSE) only on 7 September.

“The ]NCLT Mumbai bench has directed in its order, that a meeting of the equity shareholders of Zeel be convened and held on Friday, 14 October for the purpose of considering, and, if thought fit, approving the proposed merger of the company with Culver Max Entertainment Pvt Ltd (formerly SPNI Pvt Ltd),” read Zee’s statement.

In July 2022, Zee received approval from the BSE and the National Stock Exchange (NSE) for the proposed merger. According to reports, both the firms have been in constant contact with the competition watchdog for more than four to five months for getting its nod.

When the merger plan was announced in September 2021, the two networks said that Sony would invest $1.575 billion and have a 52.93 Per cent interest in the new firm and Zee the remaining 47.07 per cent.

Last year, in December, SPNI and ZEEL signed definitive agreements for the merger following the conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence.

When the transaction is completed Sony Pictures Entertainment Inc will indirectly control a majority of 50.86 per cent of the combined firm and the promoters (founders) of Zeel will hold 3.99 per cent, while the remaining Zeel shareholders would hold a 45.15 per cent stake

Under the terms of the definitive agreements, SPNI, which is an indirect subsidiary of Sony Pictures Entertainment (SPE), will have a cash balance of $1.5 billion (assuming an INR: USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the Zeel promoters, , to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.

In accordance with the transactions envisioned by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain Zeel promoters.. These promoters (founders) will use the non-compete fee to inject primary equity capital into SPNI, giving them the right to purchase shares of SPNI that, on a post-closing basis, would equal about 2.11 per cent of the total shares of the combined company.

Zeel CEO Punit Goenka will serve as the combined company’s managing director and CEO.

Earlier Invesco along with OFI Global China Fund LLC, which together hold about a 17.9 per cent stake in ZEEL, had opposed the deal.

In March 2022, Invesco had said it would support the Zee-Sony merger deal and had decided not to pursue the call for an EGM of ZEEL to remove Goenka and two independent directors.

Additionally, Invesco said it would support the Zee and Sony merger, adding that the “deal in its current form has great potential for Zee shareholders,” but added that Invesco retains the right to request a new EGM if the merger is not completed as currently proposed.

With 75 TV channels and two video streaming services (ZEE5 and Sony LIV), the merged entity will become India’s second-largest entertainment network by revenue. It will also house two film studios — Zee Studios and Sony Pictures Films India and a digital content studio (Studio NXT).

September 8, 2022
Sony Pictures Networks India acquires media rights in the Indian-subcontinent for World Wrestling Championship 2019

Sony Pictures Networks India Private Limited (SPN) has acquired media rights comprising of exclusive television broadcast rights and non-exclusive digital transmission rights for the World Wrestling Championship 2019, to be held from September 14 to 22, 2019 in Nur-Sultan, Kazakhstan. The agreement with Sporty Solutionz, UWW’s Media Rights exclusive partners for the territory, covers television and digital rights in the Indian sub-continent.

Organized by the United World Wrestling, the 2019 World Championships will be the first qualification event in select categories for the Olympic Games Tokyo 2020. The preliminary rounds will be livestreamed only on SonyLIV. The semi-finals and finals across all the three events – Men’s Freestyle, Greco Roman and Women’s Wrestling – and weight-categories will be telecast daily on SONY TEN 3 SD & HD and SONY ESPN SD & HD channels as well as live streamed on SonyLIV starting from September 14, 2019, until September 22, 2019. All the matches will be aired live in India between 4:00 PM and 8:00 PM IST allowing audiences to watch this prestigious tournament at prime time.

The UWW World Championships are the amateur wrestling world championships organized by the United World Wrestling. The event features competitions in Men’s Freestyle, Men’s Greco-Roman and Women’s Freestyle tournaments across different weight categories. From India, top wrestlers like Bajrang Punia, Sakshi Malik, Sushil Kumar, Vinesh Phogat and many more will aim to rise to the occasion.

September 11, 2019
Ola Play launched for in-cab entertainment that includes Sony LIV

BENGALURU: Ola, Indian mobile app for transportation, launched a global first in Bengaluru today. The cab aggregator announced the immediate availability of ‘Ola Play’ for its ‘Ola Select’ customers in the National Capital Region, Mumbai and Bengaluru to be followed by a national rollout by March 2017 in 50,000 vehicles across all the cities in India that Ola operates in. For Ola Prime users Ola Play services will be offered without any additional cost over and above the cab ride cost informed Ola co-founder and CEO Bhavish Aggarwal. Use what you want…

Besides offering the highly personalised experience for users during their rides, Ola Play allows various partners like Apple Music, Sony LIV, Audio Compass and Fynd to build experiences for users. And yes, one can control the air-conditioning and the radio with Ola Play.

Aggarwal said, “I believe that this will completely transform the consumer’s ride experience, giving the user the power to control the interactions within the car and usher in a new era in the ridesharing industry. With over 60 million (6 crore) minutes spent in Ola rides every day, the impact on consumer comfort, convenience and productivity can be transformative. This will further propel ridesharing as the first choice of mobility for many more millions. Ola Play is a world first, built in India by an Indian team, which showcases that we can do better than the best in the world and be global leaders in technology and innovation.”

Sony Pictures Networks India Private Limited EVP and Head – Digital New Media Uday Sodhi said, “With Ola Play, we are offering unique content that is tailored to the needs and preferences of viewers on the move. As a brand Sony LIV is the first premium video on demand (VOD) service providing multi-screen experience to users on all devices; and is the first amongst the competition to provide exclusive premium content. Our association with Ola Play will allow us to further customise popular shows, movies and more, for Indians to consume in a highly engaged way, while on the move.”

Ola Play is a connected car platform for ride sharing that Ola says will transform the in-car experience for users on the go. The platform, built in partnership with Qualcomm is powered by proprietary in-cloud technologies from Ola, by bringing advance car controls, choice of personalised content and a fully connected interactive experience for the user. Ola Play transfers the control of the in-car experience to users from the Driver Console, which enables seamless interfacing with the consumer’s device once the ride begins. Ola Play can be accessed by the consumers own device or the large scree mounted in-car along with the car’s surround sound system.

November 22, 2016
Ola Play launched for in-cab entertainment that includes Sony LIV

BENGALURU: Ola, Indian mobile app for transportation, launched a global first in Bengaluru today. The cab aggregator announced the immediate availability of ‘Ola Play’ for its ‘Ola Select’ customers in the National Capital Region, Mumbai and Bengaluru to be followed by a national rollout by March 2017 in 50,000 vehicles across all the cities in India that Ola operates in. For Ola Prime users Ola Play services will be offered without any additional cost over and above the cab ride cost informed Ola co-founder and CEO Bhavish Aggarwal. Use what you want…

Besides offering the highly personalised experience for users during their rides, Ola Play allows various partners like Apple Music, Sony LIV, Audio Compass and Fynd to build experiences for users. And yes, one can control the air-conditioning and the radio with Ola Play.

Aggarwal said, “I believe that this will completely transform the consumer’s ride experience, giving the user the power to control the interactions within the car and usher in a new era in the ridesharing industry. With over 60 million (6 crore) minutes spent in Ola rides every day, the impact on consumer comfort, convenience and productivity can be transformative. This will further propel ridesharing as the first choice of mobility for many more millions. Ola Play is a world first, built in India by an Indian team, which showcases that we can do better than the best in the world and be global leaders in technology and innovation.”

Sony Pictures Networks India Private Limited EVP and Head – Digital New Media Uday Sodhi said, “With Ola Play, we are offering unique content that is tailored to the needs and preferences of viewers on the move. As a brand Sony LIV is the first premium video on demand (VOD) service providing multi-screen experience to users on all devices; and is the first amongst the competition to provide exclusive premium content. Our association with Ola Play will allow us to further customise popular shows, movies and more, for Indians to consume in a highly engaged way, while on the move.”

Ola Play is a connected car platform for ride sharing that Ola says will transform the in-car experience for users on the go. The platform, built in partnership with Qualcomm is powered by proprietary in-cloud technologies from Ola, by bringing advance car controls, choice of personalised content and a fully connected interactive experience for the user. Ola Play transfers the control of the in-car experience to users from the Driver Console, which enables seamless interfacing with the consumer’s device once the ride begins. Ola Play can be accessed by the consumers own device or the large scree mounted in-car along with the car’s surround sound system.

November 22, 2016
SPN to launch English movie channel Sony Le Plex HD by June 2016

MUMBAI: Sony Pictures Networks India Private Limited is all geared up to launch its new high definition premium English movie channel Sony Le Plex HD. The network is in the process of seeking regulatory clearances and approvals. Subject to obtaining such approvals, the launch is planned around June 2016.

The channel will serve the discerning audiences who seek entertainment beyond the mainstream movies from Hollywood.

Sony Le Plex HD will serve avid movie viewers with films that are popular and critically acclaimed. The focus for the channel would be to present the movies in a manner not seen before.

The network has made significant investment in securing rights for movies from Hollywood and the premieres on the channel which includes Spotlight, Ex-Machina, Foxcatcher and Straight Outta Compton to name a few and will also be home to critically acclaimed movies like The Inglorious Basterds, Schindler’s List, Taxi Driver, Gladiator, Philadelphia, etc.

May 31, 2016
SPN to launch English movie channel Sony Le Plex HD by June 2016

MUMBAI: Sony Pictures Networks India Private Limited is all geared up to launch its new high definition premium English movie channel Sony Le Plex HD. The network is in the process of seeking regulatory clearances and approvals. Subject to obtaining such approvals, the launch is planned around June 2016.

The channel will serve the discerning audiences who seek entertainment beyond the mainstream movies from Hollywood.

Sony Le Plex HD will serve avid movie viewers with films that are popular and critically acclaimed. The focus for the channel would be to present the movies in a manner not seen before.

The network has made significant investment in securing rights for movies from Hollywood and the premieres on the channel which includes Spotlight, Ex-Machina, Foxcatcher and Straight Outta Compton to name a few and will also be home to critically acclaimed movies like The Inglorious Basterds, Schindler’s List, Taxi Driver, Gladiator, Philadelphia, etc.

May 31, 2016