The Zee-Sony merger was called off on Monday. Zee Entertainment Enterprises Limited (ZEEL) spent an estimated Rs. 366.59 crore on compliances since September 2023 on the merger, as reported by Moneycontrol.
As per reports, the company spend Rs. 176.20 crore in the financial year that ended in March 2023. The company also spent Rs. 190.39 crore in the first six months of the current fiscal year, as reported by ZEEL.
ZEEL had been waiting for a series of regulatory sign-offs from SEBI, CCI and ROC, among others. The company also received the go-ahead from the NCLT after approvals from shareholders and creditors.
This merger was set to create a media powerhouse worth $10 billion. As per the arrangements, Sony Pictures Networks India (SPNI) would have held 50.86 percent of the company, Zee’s promoters 3.99 percent, and the remaining 45.15 percent was to be allocated to the public shareholders.
The merged entity would have had over 100 channels and two leading OTT platforms and would’ve competed with Disney Star and other rival OTT platforms such as Netflix and Amazon Prime.