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‘Factually incorrect’: Zee Ent denies reports on reviving Sony-Zee merger talks

Livemint

Livemint · 1y ago

‘Factually incorrect’: Zee Ent denies reports on reviving Sony-Zee merger talks

Zee Entertainment has denied reports of restarting talks with Sony to revive their $10 billion merger deal. In a regulatory filing, Zee stated that the company is not involved in any negotiations on the merger deal, calling the reports "factually incorrect". The merger deal was terminated by Sony due to unresolved conditions and leadership disputes. Zee has filed a petition with the National Company Law Tribunal seeking implementation of the merger. If the merger was completed, it would have created the largest entertainment network in India.

Related News

Zee Entertainment says committed to $10-bn merger with Sony India

VCCircle

VCCircle · 1y ago

Zee Entertainment says committed to $10-bn merger with Sony India

Zee Entertainment has reaffirmed its commitment to the $10 billion merger with Sony India following reports suggesting that Sony may call off the deal. In a statement, Zee Entertainment stated that it was working towards a successful closure of the proposed merger and deemed the reports as baseless and factually incorrect. Shares of Zee Entertainment initially dropped 14% in response to the reports, raising concerns about the fate of the merger in a competitive market.

Amid reports of a $241-m accounting issue, Zee shares tumble 15%

Thehindubusinessline

Thehindubusinessline · 1y ago

Amid reports of a $241-m accounting issue, Zee shares tumble 15%

Shares of Zee Entertainment Enterprises plummeted 15% following reports that the Securities and Exchange Board of India (SEBI) found a $241 million accounting issue in the company's finances. SEBI's preliminary findings reveal that the amount had been diverted out of Zee's books, prompting the regulator to question Zee's promoters. However, Zee issued a statement denying the reports and asserting that the accounting issues were incorrect and false. Zee's stock price fell by 10% on the day of the report and has dropped nearly 18% since Sony terminated the merger deal with Zee on January 22.

Zee Ent forms independent advisory committee headed by ex-HC judge

Livemint

Livemint · 1y ago

Zee Ent forms independent advisory committee headed by ex-HC judge

Zee Entertainment has formed an Independent Advisory Committee in response to negative public opinion and a decline in investor wealth. The committee will be led by Dr. Satish Chandra, a retired judge, and will also include independent directors Uttam Agarwal and P V Ramana Murthy. This move comes after reports of an alleged accounting hole of $240 million were dismissed by the company as inaccurate and false. Additionally, the $10 billion merger between Zee and Sony has been officially canceled due to financial and compliance disagreements.

Zee claims ₹700 crore in costs from Sony for fulfilling merger conditions

Thehindubusinessline

Thehindubusinessline · 1y ago

Zee claims ₹700 crore in costs from Sony for fulfilling merger conditions

According to legal documents, Zee Entertainment has incurred a cost of ₹700 crore to fulfill the merger conditions set by Sony. In response to Sony's termination notice, Zee plans to argue that it has incurred significant expenses, including divestments, settlement of claims, and discontinuing businesses as per Sony's instructions. Zee denies any material adverse effect in terms of the merger agreement and intends to counterclaim $90 million in damages from Sony. Zee will also argue that Sony was determined to terminate the agreement, regardless of Zee's actions.

SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports

Livemint

Livemint · 1y ago

SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports

India's market regulator, SEBI, has discovered a financial discrepancy of over $240 million in Zee Entertainment Enterprises' accounts. This comes as another setback for the media company, following the collapse of its merger with Sony Group Corp's India unit. SEBI's investigation revealed that around $241 million may have been redirected from the company, significantly more than initially estimated. Zee Entertainment's CEO, Punit Goenka, is facing challenges in reassuring investors after the failed merger, and the company is reportedly considering reviving the merger with Sony.

Zee gears up for legal battle against Sony

Livemint

Livemint · 1y ago

Zee gears up for legal battle against Sony

Zee Entertainment Enterprises has filed a case against Culver Max Entertainment (formerly Sony Pictures Networks India) at the National Company Law Tribunal. Zee is seeking directions to implement their merger and contesting Culver Max’s claims in arbitration proceedings before the Singapore International Arbitration Centre. The merger between the two media companies fell through when Sony accused Zee of breaching the terms of their agreement. Zee denies any breach and believes Culver Max is not entitled to terminate the agreement. The merger had received all necessary regulatory approvals but faced resistance from lenders.

Zee sets up panel to probe regulator’s allegations against company, promoters

Livemint

Livemint · 1y ago

Zee sets up panel to probe regulator’s allegations against company, promoters

The board of directors of Zee Entertainment Enterprises Ltd (ZEEL) has expanded the role of its independent advisory committee to investigate allegations brought against the company. The committee, chaired by Justice Satish Chandra, will conduct a deep-dive exercise, review company records, and prepare a detailed report with recommendations for the board. These developments come after recent reports of a financial discrepancy of over $240 million in ZEEL’s accounts and the collapse of a proposed merger with Sony. ZEEL denies restarting discussions with Sony for a merger revival.

Byju's gets $300 mn rights issue commitment; Sony, Zee resume merger talks

VCCircle

VCCircle · 1y ago

Byju's gets $300 mn rights issue commitment; Sony, Zee resume merger talks

Edtech company Byju's, operating under the brand name Think and Learn, has reportedly received commitments worth $300 million for its ongoing rights issue. The rights issue, aimed at raising $200 million, is set to conclude by the end of February. Additionally, reports suggest that Sony and Zee Entertainment have resumed talks regarding a potential merger.

Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT

Livemint

Livemint · 1y ago

Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT

The Singapore International Arbitration Centre has denied Sony's request to halt Zee Entertainment from approaching an Indian corporate court regarding their scrapped $10 billion merger. Sony and Zee called off their merger last month, with Sony accusing Zee of failing to meet merger agreement conditions. The emergency arbitrator in Singapore has allowed Zee to press its case against Sony's Indian units. Zee is seeking implementation of the merger plan, while Sony attempted to block it through emergency arbitration. Zee's shares have dropped 37% this year due to the failed merger.

Sony India to continue exploring acquisitions, says CEO

Livemint

Livemint · 1y ago

Sony India to continue exploring acquisitions, says CEO

Sony India's managing director and CEO, N.P. Singh, has assured employees that the company will continue to explore new opportunities for expansion in India, despite the failed merger talks with Zee Entertainment Enterprises Ltd. Singh stated that the company's focus will be on subscriber growth and revenues. The merger would have positioned the combined entity as the second largest in India, but collapsed due to disagreements over leadership. Sony is now demanding $90 million in termination fees, while Zee plans to take legal action.

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