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The proposed merger of Zee Leisure Enterprises (Zee) and Culver Max Leisure (previously Sony Footage Networks India) has been authorised by the Bombay Inventory Alternate and Nationwide Inventory Alternate, Zee Leisure mentioned in an announcement on Friday.
“The approval from the stock exchanges marks a agency and constructive step within the total merger course of,” it mentioned, including that it might permit the corporate to maneuver to the subsequent stage of the transaction.
Sony Footage Networks modified its company title to Culver Max Leisure this April. The tv channels and different digital properties, nonetheless, proceed to make use of the Sony model title.
Final December, the companies had signed definitive agreements to merge Zee into Sony and mix their linear TV networks, digital belongings, manufacturing operations and programme libraries. The transaction would create the second-largest leisure community, after Disney-Star in India, analysts had mentioned again then.
The merged firm would retain Zee’s inventory market itemizing, although Sony would supply a big money injection and management a majority shareholding of near 51 per cent.
Zee’s Punit Goenka would lead the mixed firm as MD and CEO. The vast majority of the board of administrators could be nominated by the Sony Group and would come with the present MD and CEO, N P Singh.
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