NCLT approves $10 billion mega merger of Zee, Sony

The National Company Law Tribunal (NCLT) on Thursday approved the merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India (Culver Max Entertainment), paving the way for the creation of one of India's biggest media conglomerates.

- Priyanka Gawande & Gaurav Laghate

The approval comes nearly two years after the merger between the two companies was first announced in December 2021. Under the terms of the $10 billion merger, Sony will hold a 50.86% stake in the merged entity, while the public shareholders of Zee will own a 45.15% stake. The promoters of Zee will own a 3.99% stake in the company post-merger.

While announcing its order, the Mumbai bench of NCLT, comprising Justice H.V. Subba Rao and technical member Madhu Sinha, dismissed the objections raised by lenders, including Axis Finance, JC Flowers Asset Reconstruction Co, IDBI Bank, Imax Corp. and IDBI Trustee.