Decks Cleared For Merger Of Zee, Sony

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The National Company Lawz Tribunal (NCLT) on Thursday approved the merger scheme between Zee Entertainment Enterprises Ltd and Culver Max Entertainment (formerly known as Sony Pictures Networks India).
The tribunal passed an oral order while dismissing all the objections to the proposed amalgamation.
The announcement led to ZEEL shares zooming 18 per cent to touch a 52-week high of Rs 290.50 on the BSE, a rise of 19.99 per cent. Later, the stock settled at Rs 285.55, a gain of 17.95 per cent.
Analysts said the development would lead to the rerating of the Zee stock, and more gains could be expected in the counter.
The Zee Group is among India’s first privately owned television networks and industry executives say the Sony-Zee alliance stands to become the country’s biggest industry player, with significant distribution and advertising muscle. In December 2021, Zee Sony Pictures had agreed to merge their businesses.

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