Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies’ linear networks, digital assets, production operations and program libraries. Further, Zee Entertainment Enterprises Ltd (ZEEL) Managing Director and Chief Executive Officer Punit Goenka will lead the merged entity.

Sony Pictures Networks India (SPNI) said the merger would bring together two leading Indian media network businesses, benefitting consumers throughout India across content genres, from film to sports. “The combined company is expected to benefit all stakeholders given strong synergies between ZEEL and SPNI,” said SPNI. As per the deal, the shareholders of SPNI will hold majority stake in the merged entity.