Sony & Zee’s $10bn merger back on track (again) after Indian giant’s CEO cleared by regulators

Sony’s $10bn merger with Zee Entertainment Enterprises looks to be back on track, after the Indian giant’s MD and CEO Punit Goenka had his management ban lifted by regulators.

Goenka had been barred from holding senior positions by India’s Securities and Exchange Board earlier this summer, but the regulator has now lifted the ban.

It means the long-awaited merger, which has been in the works since December 2021, can now proceed although its remains unclear when or if it will be formally closed.

Sony said in September that the merger had been delayed, while reports emerged earlier this month that Sony had turned its attention to buying Disney’s assets in the country. However, India’s Reliance Entertainment has more recently emerged among the frontrunners for that acquisition.

Zee and Sony Pictures Networks India (now known as Culver Max Entertainment) gained approval from India’s competition regulators 12 months ago.

If the deal does go through, Sony plans to take a 51% stake in the newly forged firm, with almost 4% held by Zee’s founders.