You must be aware that a merger was to take place between Sony and Zee. This news broke in 2021 and since then has been making quite some waves in the TV and digital industry.
If you follow finances then you might be aware that things are not going well with Zee. Yes, there have been some steep declines recently but the bigger picture as a whole has not been well too.
Perhaps that’s the reason Sony found it the right time to merge Zee. Mind you the above deal is not only meant with linear TV channels but also the digital OTT platforms.
The next step of this whole procedure is the merger itself.
India’s National Company Law Tribunal greenlit the commencement of merger proceedings against Zee Entertainment Enterprises Limited (ZEEL) and group company Siti Network, filed by IndusInd Bank. The bank is looking for a payment of over default of INR 890 million.
Zee will most probably l challenge the merger proceedings with the National Company Law Appellate Tribunal (NCLAT).
But, it doesn’t appear to have many prospects. According to Sony, the insolvency procedure will be finalized within the upcoming 3-12 months. This can be one of the biggest mergers that can bring a major change in the way content is consumed on Indian OTT.
Whatever the case may arise, Binged will keep you all informed of the latest proceedings.
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