The combined entity, nearly 53% owned by Sony Pictures Networks India (SPNI), a unit of Japan's Sony Group Corp, will own popular channels such as Sony MAX and Zee TV and over-the-top platforms ZEE5 and SonyLIV, dominating the Indian TV and streaming market with over 50% market share, analysts said. The deal will also ease the pressure that Zee Entertainment Enterprises Ltd was facing from top shareholders who called for a management reshuffle last week - including the removal of CEO Punit Goenka from the board - amid corporate governance concerns. SPNI will invest $1.575 billion in the new entity, which will be publicly listed, the companies said in a statement, without disclosing other financial terms. Shares in Zee soared 35% after Wednesday's announcement, taking its market capitalisation to nearly $4.5 billion.