Zee Entertainment Enterprises Ltd and Sony‘s Culver Max Entertainment Pvt. Ltd, operating as Sony Pictures Networks India (SPNI), along with Sony group company Bangla Entertainment Pvt. Ltd, have revealed a comprehensive settlement to resolve all disputes related to their previously planned merger.
The agreement brings an end to the legal proceedings that had been ongoing at the Singapore International Arbitration Centre and the National Company Law Tribunal (NCLT) in India. As part of the settlement, both companies have agreed to withdraw all claims against each other and terminate the Composite Scheme of Arrangement that had been filed with regulatory authorities.
The non-cash settlement stipulates that neither party will have any outstanding obligations or liabilities to the other. This resolution allows both media giants to pursue independent growth strategies in the evolving entertainment sector.
Zee, a prominent player in the Indian media space, boasts a global reach of over 1.3 billion people across 190 countries. SPNI manages a portfolio of popular channels including Sony Entertainment Television, Sony MAX and Sony SAB, among others.
The proposed $10 billion merger between the two entities was halted earlier this year after being more than two years in the making. Legal disputes followed.
An $8.5 billion merger between Reliance and Disney is still on the cards, but could face anti-trust scrutiny over cricket rights.
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- Source of information and images “variety ““
