ZEE Entertainment Enterprises Ltd has received approval from the Bombay Stock Exchange and National Stock Exchange for its proposed merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited).

“The approval from the stock exchanges marks a firm and positive step in the overall merger approval process. The approvals permit it to proceed with the next steps in the overall merger process. The Composite Scheme of Arrangement remains subject to applicable regulatory and other approvals,” Zee said in a statement.

In December, Sony Pictures Networks India Private Ltd. and Zee Entertainment Enterprises Ltd. had agreed to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. Post-merger, the SPE will indirectly hold a majority 50.86 per cent of the combined company, ZEEL’s founders will own 3.99 per cent, and the other ZEEL shareholders will hold a 45.15 per cent stake.