Sony Group has informed that the merger between Zee Entertainment Enterprises and Culver Max Entertainment, also known as Sony Pictures Networks India, will require a few more months for completion.
The Zee-Sony merger, originally anticipated to conclude by the end of September, now faces an extended timeline.
In a statement, Sony conveyed that the merger, which was initially announced in December 2021 and subsequently approved by the National Company Law Tribunal (NCLT) in August 2023, is still in progress.
The statement read, “Both companies continue to proceed with the necessary procedures to complete the transaction. Although the transaction was previously expected to close by the end of the first half of the fiscal year ending on March 31, 2024, based on the latest progress, it is currently expected to close in the months ahead. Sony continues to assess the impact of the transaction on its consolidated financial results."
The merger scheme of Zee-Sony faced objections from multiple creditors during the NCLT proceedings.
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