According to reports,entertainment spent Rs 432 crore in merger-related costs during financial years 2023-24 and 2022-23 due to its failed merger deal with Sony Group Corporation’s Indian media unit.
Culver Max Entertainment terminated its merger agreement because of leadership issues.
The company reported that the impact on amalgamated results was Rs 98 crore in 2022-23, as the losses from these entities had been recorded in earlier financial results.
Including Margo Networks, Zee Entertainment gave impairment charges of Rs 331 crore in 2022-23.
Furthermore, the company estimated a liability of Rs 32 crore in 2023-24 to fund closure costs.
Regarding the arbitration cases filed by Culver Max, Zee stated that there would not be any material adverse impact.
Seeking $90 million in termination fees from Zee Entertainment over alleged violations of the merger agreement.
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