The logo of Zee Entertainment. ©ZEE

Asian Tech Press (Sep 22) -- Sony Group Corp.'s Indian subsidiary, signed a nonbinding deal to acquire India's largest publicly traded television network, Zee Entertainment Enterprises Ltd (ZEEL), Bloomberg said Tuesday.

About 53% of the combined company will be held by the shareholders of Sony Pictures Networks India (SPNI), Sony's India unit, and the rest by Zee's, the two companies said in a joint statement Wednesday.

Sony's shareholders will contribute capital to the merger, making it about $1.58 billion in capital at the end of the deal.

Zee's shares soared following the news. As of press time, the company's stocks were up nearly 19% at INR 304.10.

ZEE stocks on Sep 22