Mumbai, Jan 11: Zee Entertainment said it is “committed” to the merger with Sony Pictures Networks India and is working towards a “successful closure” of the transaction that will create the country’s largest media house worth $10 bn.
The deadline of completion of the merger with Sony Pictures, now known as Culver Max Entertainment Private Ltd (CMEPL), has been extended for a month till January 21 after Zee Entertainment Enterprises Ltd (ZEEL) sought an extension under the Merger Cooperation Agreement signed between them two years before. “We wish to reiterate that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger,” ZEEL said in a filing.
The filing was submitted in response to a clarification sought by the bourses on reports that Sony might call off the deal.
The Merger Cooperation Agreement between the two parties was signed on December 22, 2021. On December 17, 2023, the Subhash Chandra family-promoted ZEEL sought an extension in deadline for completion of the merger from Sony Group Corporation firm CMEL and Bangla Entertainment under the pact.