ZEE Entertainment (ZEEL) on Friday said that it had received the approval of shareholders to proceed with the much-anticipated merger with Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India Pvt. Ltd.).

ZEE said that its resolution for the proposed merger received a nod from 99.99 per cent of the equity shareholders.

In a statement, Punit Goenka, MD and CEO, ZEE Entertainment Enterprises Ltd. 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.”

ZEEL had got the approval for the merger from the Competition Commission of India (CCI) on 4 October 2022. Under the merger, ZEEL and BangIa Entertainment Pvt. Ltd. will merge with and into Culver Max Entertainment Pvt. Ltd.

ZEEL combined with Culver Max Entertainment Pvt. Ltd. will have a 70 TV channel portfolio. It will also have two video streaming services including ZEE5 and Sony LIV in its kitty apart from film studios Zee Studios and Sony Pictures Films India.