ZEE Entertainment shareholders approve merger with Sony Pictures Networks India
ZEE Entertainment Enterprises Ltd. (ZEEL), formerly called Zee Telefilms, said that its equity shareholders have approved the previously announced merger of the company and BangIa Entertainment with and into Culver Max Entertainment (formerly Sony Pictures Networks India Pvt. Ltd.)
According to the publicly-listed ZEE Entertainment Enterprises, the deal has been approved by 99.99% of its shareholders. The merger deal was announced in September 2021.
Culver Max Entertainment is an indirect fully-owned subsidiary of Sony Group Corporation. BangIa Entertainment, which is also an indirect fully-owned subsidiary of Sony Group Corporation, is engaged in acquiring rights for motion pictures, events, and other content for television (TV), and earning advertising revenue from telecasting TV content.
The merger deal of Zee Entertainment Enterprises and Bangla Entertainment with Culver Max Entertainment was approved earlier this month by the Competition Commission of India (CCI) with some modifications as proposed by the parties.
Punit Goenka — ZEE Entertainment Enterprises MD and CEO said: “On behalf of all the Board members and management of ZEEL, J would like to thank the equity shareholders of the Company for recognising the value-accretive opportunities the proposed merger will deliver to all stakeholders.
“The continued trust and overwhelming support by our equity shareholders towards the resolution of the Composite Scheme of Arrangement, further strengthen our abilities to consistently deliver higher value as we move forward in this process.”
Apart from CCI, the merger deal of Zee Entertainment Enterprises and Bangla Entertainment with Culver Max Entertainment has been approved in July 2022 by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The composite scheme of arrangement being undertaken in connection with the merger deal between the entertainment companies continues to be subject to applicable regulatory and other approvals, said Zee Entertainment Enterprises.