The anticipated $10 billion merger between Zee Entertainment and Sony Pictures announced way back in December 2021 will be seeing further delays. Despite receiving approval from the National Company Law Tribunal (NCLT) over a month ago, Sony stated that the merger will still take some time.
“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,” Sony said in a statement.
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.