New Delhi (India), 20th April 2023: According to sources familiar with the situation, Zee Entertainment Enterprises Ltd. has begun negotiations with its creditors to settle debts and remove the final barrier and conclude a merger with the Sony Group that would form a $10 billion media conglomerate.
According to the persons, who asked to remain anonymous since the information is private, the Indian television network has proposed to return a loan of around 1.49 billion rupees ($18.1 million) in installments to IDBI Bank Ltd, one of the creditors who filed a petition with the insolvency court.
The founders of Zee are reportedly in separate talks to resolve 400 million rupee debts owed to firms they control with Axis Bank Ltd. and JC Flowers & Co.’s asset reconstruction unit.
After the transaction is complete, Zee’s founders will control 3.99% of the shares, Sony Pictures Networks India Pvt would hold slightly more than half of the shares, and public shareholders will hold the remaining shares.
The payments are essential to the merger since it will result in a media company with the largest audience and the strongest negotiating leverage in the nation of more than 1.4 billion people.
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