Zee-Sony merger gets BSE, NSE nod after agreement signed last December

Merged entity to retain Zee's stock market listing, though Sony would provide large cash injection and hold 51% stake

Zee
Zee’s Punit Goenka would lead the combined company as MD and CEO
BS Reporter Mumbai
2 min read Last Updated : Jul 29 2022 | 11:09 PM IST
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.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :SonyZee GroupSony IndiaBSE NSEmergerZee EntertainmentStock exchangesNSEBSESony Pictures Networkszee

Next Story