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Sony Group terminates Rs, 80,000 Crore merger with Zee Entertainment

Livemint

Livemint · 1y ago

Sony Group terminates Rs, 80,000 Crore merger with Zee Entertainment

Sony Group Corp has sent a termination letter to Zee Entertainment Enterprises Ltd, officially calling off the merger between their India units. The termination was due to non-compliance with the merger agreement terms. This follows a failed agreement on who would lead the combined entity. Sony reportedly did not want Zee's Punit Goenka in a leadership role due to an ongoing investigation. The termination letter comes after a 30-day grace period for reaching an agreement ended.

Related News

Zee to take legal action after Sony terminates $10 billion merger: Report

Livemint

Livemint · 1y ago

Zee to take legal action after Sony terminates $10 billion merger: Report

Indian broadcaster Zee Entertainment plans to take legal action against Sony Group after the Japanese media company terminated their $10 billion merger of their India operations. Sony has cited failure to agree on certain deal conditions as the reason for the termination and is also seeking $90 million in termination fees from Zee. The termination came after a 30-day grace period ended without reaching an agreement on a deadline.

Zee approaches NCLT, SIAC after Sony terminates $10 billion merger deal

Livemint

Livemint · 1y ago

Zee approaches NCLT, SIAC after Sony terminates $10 billion merger deal

Zee Entertainment has approached the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre (SIAC) after Sony terminated the $10 billion merger deal. The move comes after Sony invoked the force majeure clause due to the impact of the COVID-19 pandemic. Zee is seeking compensation for the damages caused by the termination of the deal.

ZEE seeks $90M termination fee from Sony for calling off merger

YourStory

YourStory · 1y ago

ZEE seeks $90M termination fee from Sony for calling off merger

Zee Entertainment Enterprises is seeking a termination fee of $90 million from Sony Group for cancelling their $10 billion merger deal. ZEEL has terminated the Merger Cooperation Agreement due to breaches by Sony Pictures Networks India (Culver Max Entertainment) and Bangla Entertainment. ZEE is now seeking the termination fee from Culver Max and BEPL in accordance with the agreement. Sony had previously initiated arbitration proceedings claiming the same termination fee. The merger between ZEEL and Sony Group entities had been approved by the Mumbai bench of NCLT but was terminated by Sony in January 2024.

ED conducts search at Essel Group Continental Office in Mumbai

Livemint

Livemint · 1y ago

ED conducts search at Essel Group Continental Office in Mumbai

The Enforcement Directorate (ED) conducted a search at the Essel Group Continental Office in Mumbai. This comes as market regulator SEBI is already investigating Zee Entertainment and Essel group companies. The search has reportedly been ongoing since the afternoon. In related news, Zee Entertainment has approached the National Company Law Tribunal (NCLT) after Sony called off the proposed merger. Zee Entertainment has also taken legal action against Sony's $90 million termination fee claim. Sony terminated the merger deal with Zee two days ago.

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.

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.

‘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.

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

Livemint

Livemint · 1y ago

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

Zee Entertainment has withdrawn its application from the National Company Law Tribunal regarding the implementation of its merger with Sony Entertainment Enterprises. Zee initially sought directions from the tribunal after Sony terminated the merger. Zee is now reviewing strategic steps and pursuing claims against Sony in ongoing arbitration proceedings. The company aims to focus on performance, achieve future goals, and explore strategic opportunities. Zee has recently undertaken restructuring efforts, including cost reduction and improving margins. Several senior-level executive exits have also occurred.

Zee-Sony merger teeters on the brink of collapse

Livemint

Livemint · 1y ago

Zee-Sony merger teeters on the brink of collapse

The $10 billion merger between Sony Pictures’ India business and Zee Entertainment Enterprises is at risk of collapsing as Sony refuses to extend the deadline unless Zee CEO, Punit Goenka, agrees not to hold the same position in the merged company. The merger, which would create an entertainment giant with over 28% market share, has faced delays and controversies over the appointment of a CEO. Zee had requested more time to complete the merger, but Sony is firm on its decision. If the deal falls through, it could have negative implications for the shareholders and control of Zee.

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.

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