Sony Pictures Networks India (SPNI) said on Tuesday that it looks forward to hearing Zee Entertainment’s proposals and how they plan to complete the remaining critical closing conditions. Sony Pictures Networks India (SPNI) said in a statement:
ZEE had in September 2021 entered into a non-binding term sheet with Sony Pictures Networks India Private Limited to bring together their production operations, digital assets, linear networks and programme libraries.
Zee has asked Bangla Entertainment Private Limited (BEPL) and Sony Pictures Networks India, now known as Culver Max Entertainment Private Limited, to extend the date required to make the merger scheme effective
The cut-off date for the merger is December 22, 2023, two years from when the merger agreement between the two media companies was signed on December 21,2021. However, Zee has now requested Sony to extend the timeline in order to make the merger scheme effective, according to a Bombay Stock Exchange (BSE) filing.