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Tag: Culver Max Entertainment Pvt Ltd

  • Zee Entertainment, Culver Max Entertainment & Bangla Entertainment smoke peace pipe

    Zee Entertainment, Culver Max Entertainment & Bangla Entertainment smoke peace pipe

    Mumbai: It looked like it would be a never ending slugfest between Zee and Sony with each going to court against the other. But now that time has passed and the tempers have cooled, Zee  Culver Max Entertainment Pvt Ltd (CMEPL) operating as Sony Pictures Networks India (SPNI), together with its group company Bangla Entertainment Pvt Ltd (BEPL), have decided to call of their quarrels. The companies have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger cooperation agreement and the composite scheme of arrangement.

    As part of the settlement, the firms have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums. The companies will also withdraw the respective composite schemes of arrangement from the NCLT and inform the relevant regulatory authorities.

    Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other. 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 and entertainment landscape, signifying the definitive conclusion of all disputes.

    For media observers, this is an agreement which is coming as a breath of fresh air. 

  • ZEEL equity shareholders give thumbs up to Sony-Zee merger

    ZEEL equity shareholders give thumbs up to Sony-Zee merger

    Mumbai : Zee Entertainment Enterprises Ltd (ZEEL) has announced that the company’s equity shareholders have approved the proposed merger of ZEEL and BangIa Entertainment Pvt. Ltd. with and into Culver Max Entertainment Pvt. Ltd . (formerly Sony Pictures Networks India Pvt. Ltd.)

    The company called the meeting of its equity shareholders on 14 October in accordance with the National Company Law Tribunal (NCLT), Mumbai Bench, order dated 24 August in order to ask for approval for the proposed merger.

    The proposed merger resolution was presented during the meeting, and 99.99 per cent of the equity shareholders of ZEEL enthusiastically endorsed it.

    The company said, “The approval marks yet another firm and positive step forward, in the overall merger completion process.” ZEEL managing director & CEO Punit Goenka will be the managing director and CEO of the amalgamated business.

    After an exclusive negotiation period in which both parties engaged in mutual due diligence was over, Sony Pictures Networks India (SPNI) and ZEEL finalised the merger in December of last year.

    The promoters (founders) of ZEEL will hold 3.99 per cent of the combined company after the transaction closes, while the remaining ZEEL shareholders will hold a 45.15 percent stake. Sony Pictures Entertainment Inc. will indirectly hold a majority of 50.86 per cent of the combined company.

    Through a subsidiary, Sony Pictures Entertainment (SPE) will pay certain Zeel promoters a non-compete fee in accordance with the transactions envisioned by a non-compete agreement. The non-compete fee will be used by these promoters (founders) to provide SPNI with initial equity funding, granting them the opportunity to buy shares in SPNI that, on a post-closing basis, would equal roughly 2.11 percent of the total shares of the combined company.

    Goenka said, “On behalf of all the Board members and management of ZEEL, 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. 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.”

    The Competition Commission of India (CCI) granted ZEEL permission in a communication dated 4 October. The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have also given the company their approvals for July 2022.

    The Composite Scheme of Arrangement is still pending approval from the relevant authorities and other parties.

  • CCI approves Sony-Zee merger ‘with certain modifications’

    CCI approves Sony-Zee merger ‘with certain modifications’

    Mumbai: On Tuesday, the Competition Commission of India (CCI) announced the amalgamation of Zee Entertainment Enterprises (ZEE) and Bangla Entertainment (BEPL) with Culver Max Entertainment (CME), formerly known as Sony Pictures Networks India.

    The amalgamation has been approved “with certain modifications,” the commission said in an official release.

     

     

    According to a statement, CCI stated, “The proposed combination relates to (i) amalgamation of each of Zee and BEPL with and into CME; and (ii) preferential allotment of certain shares by CME to Sunbright International (earlier known as Essel Holdings), and Sunbright Mauritius Investments.”

    Also read: NCLT seeks shareholder nod for Zeel-Sony merger

    Commenting on this development, Sony Pictures Network India said “We are delighted to receive CCI approvals to merge ZEEL into SPN. We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future.”

    In December, Sony and Zee agreed to merge their television channels, film assets, and streaming platforms to form a powerhouse in a key growth market of 1.4 billion people, challenging rivals such as Walt Disney Co.