Zee Entertainment Enterprises (ZEEL) has spent Rs 176.2 crore to cover merger-related costs in FY23 as per regulatory filings, a substantial increase from the Rs 7.3 crore spent in the previous fiscal year.
The Zee-Sony merger announced in December 2021 is set to create a media powerhouse worth $10 billion.
In their annual report, MD and CEP Punit Goenka said that significant efforts are being in expanding the boundaries in the digital ecosystem and the company is committed to its long-term strategic intent of enhancing our presence across screens and formats.
“This transformation continues to be implemented across various verticals in the organisation and is adopting a format and delivery agnostic approach. This will result in a much stronger and value- accretive institution for all stakeholders,” he said.
“On the Company’s proposed merger with and into Culver Max Entertainment Pvt. Ltd., I would like to update all of you that further to your approval, the proposed merger has also received clearances from the key regulatory authorities and National Company Law Tribunal (NCLT), Mumbai. The Company will continue to take the next steps in accordance with the law,” Goenka added.
A little over a month back, Sony issued a statement that said, “Although the transaction was previously expected to close by the end of the first half of the fiscal year ending on March 31, 2024, based on the latest progress, it is currently expected to close in the months ahead. Sony continues to assess the impact of the transaction on its consolidated financial results. Both companies continue to proceed with the necessary procedures to complete the transaction.”
Following its merger with Sony Entertainment India, Zee Entertainment Enterprises Ltd. (ZEEL) is set to be delisted from FTSE Global Equity indices. Culver Max Entertainment, the entity representing Sony Pictures Networks India, will replace ZEE in the indices.