MUMBAI: Zee Entertainment Enterprises has requested Sony Pictures Networks India to push the deadline for a $10-billion merger again after the primary extension lapsed on January 20. Sony is but to reply to Zee’s request.
The merger between Zee and Sony was supposed to be concluded by December 21, 2023. But Zee requested an extension and Sony agreed.Accordingly, a 30-day extension until January 20 was included within the pact. It will not be recognized by what number of weeks Zee has sought the second timeline extension from Sony.
According to the settlement, each the events can prolong the merger deadline thrice. If Sony decides towards the deal, then it is going to have to pay a termination charge of $100 million to Zee. A Sony spokeswoman did not reply to calls and textual content messages despatched in connection to the report.
Zee has been looking for time to resolve the problem of whether or not its MD Punit Goenka would run the present on the merged firm. According to the settlement inked in December 2021, Goenka is meant to lead the merged entity. Though Sony agreed to this clause, it modified its stand after Goenka bumped into regulatory troubles. Markets regulator Sebi is conducting an investigation towards Geonka and Zee in a securities legislation violation case. A closing order on this matter is but to come out.
Amid the authorized troubles, Sony has been pitching its India head, N P Singh, as MD of the brand new entity. However, Goenka has not accepted this suggestion. The developments come at a time when one other consolidation within the media and leisure sector is within the works as Reliance Industries’ Viacom18 and the India unit of Walt Disney mix their operations within the nation.
Zee has been reiterating that it’s dedicated to the merger and is constant to work in the direction of its profitable closure amid studies of Sony planning to name off the deal.
The merger between Zee and Sony was supposed to be concluded by December 21, 2023. But Zee requested an extension and Sony agreed.Accordingly, a 30-day extension until January 20 was included within the pact. It will not be recognized by what number of weeks Zee has sought the second timeline extension from Sony.
According to the settlement, each the events can prolong the merger deadline thrice. If Sony decides towards the deal, then it is going to have to pay a termination charge of $100 million to Zee. A Sony spokeswoman did not reply to calls and textual content messages despatched in connection to the report.
Zee has been looking for time to resolve the problem of whether or not its MD Punit Goenka would run the present on the merged firm. According to the settlement inked in December 2021, Goenka is meant to lead the merged entity. Though Sony agreed to this clause, it modified its stand after Goenka bumped into regulatory troubles. Markets regulator Sebi is conducting an investigation towards Geonka and Zee in a securities legislation violation case. A closing order on this matter is but to come out.
Amid the authorized troubles, Sony has been pitching its India head, N P Singh, as MD of the brand new entity. However, Goenka has not accepted this suggestion. The developments come at a time when one other consolidation within the media and leisure sector is within the works as Reliance Industries’ Viacom18 and the India unit of Walt Disney mix their operations within the nation.
Zee has been reiterating that it’s dedicated to the merger and is constant to work in the direction of its profitable closure amid studies of Sony planning to name off the deal.
