Mumbai: Zee Entertainment Enterprises (Zeel) on Friday received approval from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for its proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India).

“The approval from the stock exchanges marks a firm and positive step in the overall merger approval process,” said the company statement. The approvals permit the Zee to proceed with the next steps in the overall merger process.

The composite scheme of arrangement remains subject to applicable regulatory and other approvals.

The Zee-Sony merged entity will be one of the largest media and entertainment players in India with close to $2 billion in revenue. Zeel MD and CEO Punit Goenka will serve as the managing director and chief executive officer of the merged entity over the next five years.

After the closing, Sony Pictures Entertainment, which owns Culver Max Entertainment, will indirectly hold a majority of 50.86 per cent of the combined company, the promoters of Zeel will hold 3.99 per cent, and the remaining Zeel shareholders will hold a 45.15 per cent stake.

It has been seven months since the two companies announced their intention to merge by signing definitive agreements.