ZEE shareholders approve merger with Sony

Shareholders of ZEE Entertainment Enterprises (ZEE) have voted in favour its proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India) at its extraordinary general meeting (EGM).

The proposal was supported by 99.9% of its shareholders.

The company said, “The approval marks yet another firm and positive step forward, in the overall merger completion process.”

“On behalf of all the board members and management of ZEE, I would like to thank the equity shareholders of the company for recognising the value-accretive opportunities the proposed merger will deliver to all stakeholders,” said Punit Goenka, MD & CEO, ZEE.

He added, “The continued trust and overwhelming support by our equity shareholders towards the resolution of the composite scheme of arrangement, further strengthen our abilities to consistently deliver higher value as we move forward in this process.”