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

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