Zee-Sony Merger Approved: The National Company Law Tribunal (NCLT) on Thursday approved the merger between an Indian unit of Japan’s Sony and India’s Zee Entertainment , granting a key regulatory approval in the merger, which was announced in 2021 but has been delayed for multiple reasons.
The NCLT had initially reserved its verdict on the merger between Zee Entertainment Enterprises and Culver Max Entertainment (previously known as Sony Pictures Networks India) on July 10.
In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses. Subsequently, both media companies approached the tribunal to seek approval for the merger, having already obtained necessary permissions from the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and other regulatory bodies like the Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI).
Punit Goenka was slated to become the merged entity’s managing director and chief executive as part of the deal.
After the news break by various television channels in regard to Zee-Sony merger, Zee Entertainment Enterprises Limited or ZEEL share price witnessed huge buying interest and ZEEL share price ascended from intraday low of Rs 239.05 apiece to intraday high of Rs 278.55 apiece within few minutes of of this stock market news spread. Comparing with Wednesday close of Rs 242.25 per share levels, ZEEL share price today logged an intraday gain of around 15 per cent during Thursday deals.
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