all India Entertainment stage Sony Digital Enterprise

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Zee Companies Facing Insolvency Proceedings Ahead of Sony Merger

India Entertainment stage Sony Digital Enterprise

23.02.2023 - 10:39

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variety.com

variety.com:

Naman Ramachandran 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 by IndusInd Bank.

The bank is seeking payment over a default of INR890 million ($10.7 million). Siti and Zee are part of the Essel Group conglomerate.

In 2021, Culver Max Entertainment (Sony) and ZEEL signed definitive agreements 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.

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