The Zee Entertainment Enterprises Ltd said on Wednesday its board has given in-principle approval for its 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. Zee said in an exchange filing that the company and SPNI have entered into a non-binding term sheet to bring together their linear networks, digital assets, production operations and program libraries.