ZEE Entertainment Ltd, Sony settle dispute

Earlier in January, two days after Sony Corporation called off the merger plan, ZEEL said it approached the National Company Law Tribunal, Mumbai bench, seeking directions to implement the merger scheme. Culver Max and BEPL made claims in the arbitration proceedings before Singapore International Arbitration Centre (SIAC).

The companies will also withdraw the respective composite schemes of arrangement from the NCLT and inform the relevant regulatory authorities, ZEEL said. “Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other,” it said.

The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape, signifying the definitive conclusion of all disputes, ZEEL said in a statement.

In January 2024, more than two years after announcing a merger proposal, Sony Corporation said its Indian arm, Culver Max Entertainment called off the $ 10 billion merger plan with Zee Entertainment that could have combined their linear networks, digital assets, production operations and programme libraries to create a mega entertainment firm.