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Sony's unit in India has signed a deal with the local rival company, Zee Entertainment, to create a new entertainment network that is set to become the country's second-largest in the industry.
According to BBC News, the Japan-based company's India division has finalized its agreement with Zee Entertainment and they will now merge to form a new entity that will house at least 75 TV channels, two streaming platforms, and other film assets.
Once in full operation and already working smoothly, Sony and Zee's newly-formed business unit is expected to become one of the major players in India's fast-growing entertainment sector. They will also go head to head with powerful rivals such as Walt Disney's Hotstar, Netflix, and Amazon Prime Video.
It was mentioned that the nation has over 900 million regular TV viewers and around 800 channels. The programs range from drama, reality shows, sports, and variety.
Now, based on the agreement, Sony Pictures Networks India will own 51% of the new company but Zee Entertainment Enterprises Ltd's chief executive officer, Punit Goenka, will be its head after a 90-day due diligence period.
"It is a significant milestone for all of us, as two leading media and entertainment companies join hands to drive the next era of entertainment filled with immense opportunities," Goenka said in a press release. "The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms."
The Zee chief added, "I am immensely grateful to the teams at ZEEL, SPE, and SPNI for their efforts that swiftly led us to this point within the stipulated timelines. This merger presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena."
Both Zee and Sony Pictures India have been operating in the region for years and the two own the ZEE5 and SonyLIV streaming platforms, respectively. Their television channels Sony MAX and Zee TV are one of the most popular as well thus, there is a lot of expectations in the merger.
Meanwhile, Reuters reported that Zee's shares surged 35% to a market capitalization of almost $4.5 billion after the merge with Sony Pictures India was first announced back in September.
