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The proposed merger of Zee Entertainment Enterprises (Zee) and Culver Max Entertainment (formerly Sony Pictures Networks India) has been approved by the Bombay Stock Exchange and National Stock Exchange, Zee Entertainment said in a statement on Friday.
“The approval from the stock exchanges marks a firm and positive step in the overall merger process,” it said, adding that it would allow the company to move to the next stage of the transaction.
Sony Pictures Networks changed its corporate name to Culver Max Entertainment this April. The television channels and other digital properties, however, continue to use the Sony brand name.
Last December, the companies had signed definitive agreements to merge Zee into Sony and combine their linear TV networks, digital assets, production operations and programme libraries. The transaction would create the second-largest entertainment network, after Disney-Star in India, analysts had said back then.
The merged company would retain Zee’s stock market listing, though Sony would provide a large cash injection and control a majority shareholding of close to 51 per cent.
Zee’s Punit Goenka would lead the combined company as MD and CEO. The majority of the board of directors would be nominated by the Sony Group and would include the current MD and CEO, N P Singh.
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