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News on Medial
Sony may call off $10 billion mega-merger with Zee Entertainment
Livemint
·
1y ago
Medial
Sony Group Corp. is reportedly set to cancel its merger agreement with Zee Entertainment Enterprises Ltd., citing a standoff over the leadership of the merged entity. The Japanese conglomerate no longer wants Zee's CEO Punit Goenka, who was originally slated to lead the new company, amid a regulatory probe. Sony plans to file a termination notice before the January 20 deadline for closing the deal. The scuttling of the deal leaves Zee vulnerable and comes as Mukesh Ambani's Reliance Industries is in talks to merge with Walt Disney Co.'s India unit.
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Zee Entertainment says committed to $10-bn merger with Sony India
VCCircle
·
1y ago
Medial
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.
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Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT
Livemint
·
1y ago
Medial
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.
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Sony's board to meet today to decide fate of $10 billion merger deal with Zee
Livemint
·
1y ago
Medial
Sony Group Corp is convening a board meeting to discuss the fate of its proposed $10 billion merger with Zee Entertainment Enterprises. Complications have arisen, particularly regarding the position of Zee's Managing Director and meeting the outstanding condition precedents, straining the relationship between the two parties. Sony is expected to call off the merger unless Zee's CEO agrees to step down and all outstanding conditions are fulfilled. Financial implications, leadership roles, and regulatory challenges are also looming over the deal.
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Zee Entertainment, Sony revive merger talks in last-ditch effort
Livemint
·
1y ago
Medial
Zee Entertainment (ZEEL) and Sony Group Corporation are reportedly back in talks to revive their $10 billion merger, which was called off two years ago. The companies have been discussing key issues, with a major stumbling block being a $300 million write-off on cricket rights. Another challenge is determining the leadership structure, as Zee's CEO may take on an advisory role while Sony wants him completely outside the core structure. A successful deal could create a strong Indian media conglomerate, but failure to reach an agreement may result in Sony pulling out and Zee navigating its future alone.
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ZEE seeks $90M termination fee from Sony for calling off merger
YourStory
·
1y ago
Medial
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.
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Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint
Livemint
·
10m ago
Medial
The National Company Law Tribunal (NCLT) in Mumbai has revoked its earlier approval of the $10 billion merger between Zee Entertainment (Zee) and Sony Pictures Networks India (Sony Pictures). The parties reached a settlement agreement and mutually consented to withdraw the merger scheme. Both Zee and Sony resolved their six-month dispute and agreed to drop all claims against each other in ongoing arbitration and legal proceedings. The termination fee of $90 million that was originally sought by each party will not be paid. The merger had been called off in January 2024 due to certain "closing conditions" not being met by Zee.
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‘Factually incorrect’: Zee Ent denies reports on reviving Sony-Zee merger talks
Livemint
·
1y ago
Medial
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.
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Zee-Sony merger teeters on the brink of collapse
Livemint
·
1y ago
Medial
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.
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ED conducts search at Essel Group Continental Office in Mumbai
Livemint
·
1y ago
Medial
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.
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Zee-Sony merger fallout: Zee can go to India tribunal to enforce merger deal
Livemint
·
1y ago
Medial
Zee Entertainment is now free to pursue the enforcement of a $10 billion merger deal with Sony's Indian unit through an Indian tribunal, after Sony's emergency petition to halt the merger was rejected by the Singapore International Arbitration Centre (SIAC). Sony had terminated the merger deal on January 22, alleging breaches of contract. Zee is now seeking an order from the Indian tribunal to compel Sony to fulfill its obligations. The proposed merger aimed to create one of India's largest TV broadcasters. Sony plans to contest the matter before a full SIAC tribunal.
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