ZEE and Sony Pictures Settle Disputes, Move Forward Separately

On August 27, 2024, ZEE Entertainment Enterprises Ltd (ZEE) and Culver Max Entertainment Pvt. Ltd (CMEPL), which operates as Sony Pictures Networks India (SPNI), along with their group company Bangla Entertainment Pvt. Ltd (BEPL), reached a non-cash settlement. This agreement resolves all disputes related to their merger and other legal matters.

As part of the settlement, both parties have agreed to drop all their claims against each other. They will also end the ongoing arbitration at the Singapore International Arbitration Centre and withdraw all legal proceedings in the National Company Law Tribunal (NCLT) and other forums.

Additionally, they will remove their Composite Schemes of Arrangement from the NCLT and notify the relevant regulatory authorities.

Under the settlement terms, neither party will have any remaining obligations or liabilities towards the other. The agreement comes from both companies deciding to move forward separately and focus on new growth opportunities in the changing media and entertainment industry. This settlement marks the final resolution of all their disputes.

Financial Highlights

The company’s total income for the last quarter was ₹2,185.29 crore, compared to ₹2,126.35 crore a year ago. Domestic advertising revenue increased by 10.6% year-on-year, thanks to a recovering advertising market and increased spending by FMCG clients. Subscription revenue also grew due to a rise in linear subscriptions. Total expenses for the quarter were lower at ₹2,043.76 crore, down from ₹2,083.35 crore the previous year.

For FY24, Zee Entertainment Enterprises Ltd’s consolidated net profit was ₹141.43 crore, up from ₹47.79 crore in FY23. Consolidated total income for FY24 was ₹8,766.48 crore, compared to ₹8,167.62 crore in FY23.

About Zee Entertainment Enterprises Ltd

Zee Entertainment Enterprises Ltd (ZEEL) is a major content company that provides entertainment to a wide range of audiences. It operates in over 190 countries and reaches more than 1.3 billion people worldwide. ZEEL is one of the largest global media and entertainment companies, offering content across various genres, languages, and platforms.

On August 27, 2024, Zee Entertainment Enterprises Ltd’s share price opened at ₹135.20, touching the day’s high of ₹154.90 as of 02:50 PM on the NSE.

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