Zee Entertainment Enterprises Ltd and Sony's Culver Max Entertainment Pvt. Ltd, operating as Sony Pictures Networks India (SPNI), along with Sony group company Bangla Entertainment Pvt. Ltd, have announced a comprehensive settlement to resolve all disputes relating to their previously planned merger.

The agreement brings to an end legal proceedings that were ongoing at the Singapore International Arbitration Centre and the National Company Law Tribunal (NCLT) in India. As part of the settlement, both companies have agreed to drop all claims against each other and terminate the Composite Scheme of Arrangement that was filed with the regulators.

The non-cash settlement stipulates that neither party has any outstanding obligations or liabilities to the other. "The settlement is the result of a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, which represents the final conclusion of all litigation," the companies said in a statement.

Zee, a prominent player in the Indian media space, has a global reach of over 1.3 billion people across 190 countries. SPNI operates a portfolio of popular channels including Sony Entertainment Television, Sony MAX and Sony SAB.