The proposed aamalgamation/ merger of Zee Entertainment Enterprises (Zee) and Culver Max Entertainment (formerly Sony Pictures Networks India) has been approved by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) , Zee Entertainment said in a statement.
According to the statement, "the stock exchanges' approval signifies a strong and positive step in the overall merger process," and it will enable the company to proceed to the next phase of the deal.
This April, Sony Pictures Networks changed its name to Culver Max Entertainment. However, the Sony brand name is still used for the television networks and other online assets.
The companies had signed formal agreements in December to merge Zee into Sony and combine their production businesses, linear TV networks, digital assets, and programme libraries. According to commentators at the time, the merger would establish India's second-largest entertainment network, behind Disney-Star.
The combined business would maintain Zee's stock market listing, but Sony would contribute a significant amount of cash and hold a majority stake of over 51 percent.
Punit Goenka, the CEO and MD of Zee, would be in charge of the united business. The Sony Group will propose candidates for the majority of the board of directors, which would also include N P Singh, the present MD and CEO.
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