Zee Entertainment & Sony India’s $10bn merger back on after regulatory greenlight

The merger of Zee Entertainment Enterprises and Sony’s Indian unit is back on after regulators approved the long-awaited deal.

Valued at $10bn, the deal has been in the works since December 2021 but has faced a series of challenges including India’s regulators banning Zee chiefs Subash Chandra and Punit Goenka from taking a place on boards for 12 months.

Zee then formed an interim committee, while an Indian tribunal paused insolvency proceedings against the company earlier this year by IndusInd Bank. Both sides subsequently settled.

Zee and India gained approval from India’s competition regulators 12 months ago.

Reuters has now reported that regulators at the National Company Law Tribunal have given the formal greenlight to the merger, which will see around 92 channels coming under one roof.

Sony will take a 51% stake in the newly forged firm, with almost 4% held by Zee’s founders.