Zee Entertainment Enterprises Ltd has reportedly started settlement talks with its creditors to repay debts and remove the last hurdle in completing a merger with the Sony Group that would create a $10 billion media giant.
The settlement with creditors is said to be the last hurdle in completing the merger.
IDBI Bank and Axis Bank are among the creditors seeking repayment.
It was in September 2021, ZEEL said that it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries.
The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India. SPNI is an indirect wholly-owned subsidiary of Sony Group Corporation, Japan.
Zee Entertainment Enterprises is India’s largest publicly-traded television network. The company has already obtained shareholders’ nod to the merger with Sony. It has also received approvals from the Competition Commission of India, BSE and NSE for the merger.
