The merging of two big media companies, Zee and Sony, has been a bumpy road. Originally planned to be finished by the end of 2023, the $10 billion deal is still not done, facing various problems.
Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Network India (now Culver Max Entertainment Pvt Ltd) are dealing with legal issues and delays. The merger, set for September 2023, got moved to December 22, and now it’s unclear when it will happen—some say February 2024, and others say not before April 2024.
Financially, Sony’s Culver Max Entertainment Pvt Ltd had Rs 6684.9 crore revenue for FY23, running 26 channels, SonyLIV, and Studio NEXT. ZEEL had Rs 8087.9 crore revenue, running 50 channels, Zee5, ZeeStudios, and Zee Music.
If the merger happens, the combined companies will have 70+ TV channels, ZEE5 and Sony LIV, and film studios, controlling 26% of the market.
