ZEEL seeks more time to complete merger deal with Sony

In a latest development in the ZEE-Sony merger saga, Zee Entertainment Enterprises Ltd (ZEEL) has sought extension of the deadline of its proposed merger with Culver Max Entertainment (CMEPL), formerly Sony Pictures Networks India. December 21, 2023 had been set as deadline for the proposed merger.

As per a filing with the BSE and NSE, ZEEL stated that it “has requested CMEPL and Bangla Entertainment Pvt Ltd (BEPL) to extend the date required to make the scheme effective, as per the terms of the Merger Cooperation Agreement”.

ZEEL had entered into the Merger Cooperation Agreement with BEPL and CMEPL on December 22, 2021. The proposed merger is slated to create India’s biggest media conglomerate. As per industry reports, the merger is valued at $10 billion. The proposed merger has received the necessary regulatory approvals from the Competition Commission of India, Bombay Stock Exchange, National Stock Exchange, as well as the shareholders and creditors of ZEEL.