India’s National Company Law Tribunal on Wednesday agreed to the beginning of insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL) and group company Siti Network, filed…
to merge and combine their linear TV networks, digital assets, production operations and program libraries. The merger is understood to be in the last stages of completion.
“We remain committed towards the proposed scheme of amalgamation for the merger of Zee Entertainment Enterprises Ltd. with and into Culver Max Entertainment Pvt. Ltd.
The proceedings could delay the merger but is unlikely to scupper it, according to media analyst Karan Taurani of Elara Securities. “We believe there is little, or no likelihood of the merger being called off, as the linear TV industry is going through concerns, which has impacted growth rates for Sony too. There may be a delay in terms of timeline for the merger process to go through, which could be anywhere in a wide range of 3-12 months, basis outcome of the other pending liability cases/Zee’s appeal with NCLAT.
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