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Sony to look at other opportunities post Zee debacle

Thehindubusinessline

Thehindubusinessline · 1y ago

Sony to look at other opportunities post Zee debacle

Sony will explore other opportunities in India after the termination of its proposed merger with Zee. Hiroaki Totoki, president, COO, and CFO of Sony, stated that India has long-term growth potential and the company will seek various options to replace the failed merger plan. The investment commitment made as part of the deal remains uncertain, and Sony does not have concrete plans for it currently. Both Sony and Zee are pursuing separate paths after terminating the merger agreement, with legal matters still to be resolved.

Related News

Zee withdraws merger application against Sony at NCLT

Thehindubusinessline

Thehindubusinessline · 1y ago

Zee withdraws merger application against Sony at NCLT

Zee has decided to withdraw its merger implementation application against Sony, which was filed with the National Company Law Tribunal (NCLT). The company received advice from legal experts and decided to withdraw the application, allowing them to focus on growth and strategic opportunities. Zee will continue its arbitration against Sony at the Singapore International Arbitration Centre (SIAC) to claim damages. The board remains committed to maximizing shareholder value and exploring strategic opportunities for the company.

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Zee Entertainment has withdrawn its application from the National Company Law Tribunal regarding the implementation of its merger with Sony Entertainment Enterprises.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 withdraws Sony merger application with national company tribunal

VCCircle

VCCircle · 1y ago

Zee withdraws Sony merger application with national company tribunal

Zee Entertainment Enterprises has withdrawn its application to force Sony to merge its India unit with the company. The move allows Zee to focus on pursuing its claims against Sony through ongoing arbitration proceedings at the Singapore International Arbitration Center. Sony cancelled the $10bn merger in January due to Zee failing to meet certain financial terms and provide a plan to address them.

Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint

Livemint

Livemint · 11m ago

Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint

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.

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.

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.

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.

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.

Zee board approves raising up to $239 mn through 10-yr foreign currency convertible bonds | Mint

Livemint

Livemint · 1y ago

Zee board approves raising up to $239 mn through 10-yr foreign currency convertible bonds | Mint

Zee Entertainment Enterprises plans to raise funds by issuing foreign currency convertible bonds (FCCBs) of up to $239 million to Resonance Opportunities Fund, St John’s Wood Fund Ltd, and Ebisu Global Opportunities Fund. These unsecured bonds will have a 5% coupon and a 10-year maturity, with no need for asset security. Investors can choose to convert the bonds into shares at a later date. Following its failed merger with Sony Pictures Entertainment, Zee is focused on cost reduction, eliminating overlaps, and improving quality to restore margins. The company reported a net profit of ₹13.35 crore for the quarter ended March.

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.

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