New Delhi. Zee Entertainment Enterprises Limited (ZEEL) on Wednesday said Culver Max Entertainment has agreed to discuss extension of the deadline for merger with it. Culver Max Entertainment was formerly known as Sony Pictures Networks India. The deadline for the merger of both the companies is December 21. Earlier, Sony Pictures Networks India (SPNI) had said that it has not yet agreed to Zee Entertainment’s request to extend the deadline.
After this, the media firm promoted by Subhash Chandra family has said that it has received a communication from Sony Group to discuss taking forward the merger plan. When contacted, a SPNI spokesperson said, “We had said in the statement yesterday that it is necessary for us to meet Zee Entertainment to discuss extension of the deadline as per the agreement.
We look forward to hearing their proposals. We have no further comment on this.” Zee Entertainment had approached Culver Max and Bangla Entertainment Private Limited (BEPL) to extend the deadline to complete the proposed merger. After the merger, it will become India’s largest media group. The proposed $10 billion merger of Zeel, BEPL and CMEPL has received the approval of the Competition Commission of India (CCI), NSE and BSE, the company’s shareholders and lenders.
FIRST PUBLISHED : December 21, 2023, 01:42 IST