What is the progress on the Zee Entertainment merger deal with Sony Pictures?

Punit Goenka, the MD and CEO of Zee Entertainment, underscored that the deal with Sony Pictures was in the final stages of stitching up with the due diligence likely to be completed soon. Commenting on the synergies of the merger, Goenka pointed out that Zee and Sony Pictures combined will form the largest media player in India, with standalone revenues of $2 billion on an aggregate basis.

According to Goenka, there was limited overlap in their businesses models as their focus areas were different. Sony has a larger sports franchise while Zee has a much bigger entertainment franchise. Goenka also underlined that Zee would invest in linear television as well as in growing its digital pie larger. However, there is still no respite in the bitter battle with Invesco, over the continuation of Goenka and the board composition.