Zee settles all disputes with Sony group over failed merger
27 Aug 2024
Zee Entertainment Enterprises Ltd on Tuesday said it has settled all disputes with Sony Pictures Network India over the termination of its $10 billion merger deal with the latter in January this year.
In a filing with the stock exchange, Zee Entertainment said it has reached a comprehensive settlement with Culver Max Entertainment, the operator of Sony Pictures Network India and group company Bangla Entertainment, putting to rest all disputes related to the merger deal.
Accordingly, Zee said, all three companies have agreed to file withdrawal applications before the Singapore International Arbitration Centre, NCLT and all relevant regulatory authorities.
Further, the three companies have agreed among themselves to pursue future growth opportunities independently and that none of the parties will have any outstanding or continuing obligations or liabilities to the other two.
ZEE Entertainment Enterprises Ltd is a leading provider of entertainment content to diverse audiences within and outside its main market, India. Zee claims to have presence in over 190 countries and a viewership of over 3 billion around the globe.
Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India) is an indirect wholly owned subsidiary of Sony Group Corporation, Japan. The company operates several channels, including Sony Entertainment Television, Sony MAX, Sony MAX 2, Sony MAX HD, Sony WAH, Sony SAB and Sony SAB HD, Sony PAL, Sony PIX and Sony PIX HD, Sony BBC Earth and Sony BBC Earth HD, Bangla channel Sony AATH, Sony YAY!, 10 Sony Sports Network channels, besides Sony Marathi, Sony LIV and Studio NEXT.
The company has a presence in 167 countries, with a combined viewership of over 700 million. The Company is recognised as an employer of choice within and outside the media industry.
