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Sony-Zee merger in turmoil over leadership dispute, claims report

Livemint

Livemint · 1y ago

Sony-Zee merger in turmoil over leadership dispute, claims report

Sony Pictures Networks India (Sony) and Zee Entertainment Enterprises (ZEEL) are facing obstacles in finalizing their proposed merger due to a deadlock over leadership arrangements for the merged entity. Both parties want their respective chiefs to helm the merged media company, leading to a disagreement that has stalled development. The disagreement is primarily centered around the overturned ban on ZEE's CEO, Punit Goenka. Sony is not agreeable to Zee's position and a clarification is expected from Sony next week. The proposed merger has already been approved by ZEEL's shareholders and regulatory bodies.

Related News

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.

Disney-owned Star India begins arbitration against Zee Entertainment

Livemint

Livemint · 1y ago

Disney-owned Star India begins arbitration against Zee Entertainment

Star India, a subsidiary of Walt Disney, has initiated arbitration proceedings against Zee Entertainment Enterprises. The dispute stems from an alleged breach of a cricket broadcasting agreement between the two companies. This comes after Zee terminated a deal with Sony for broadcasting ICC men's and under-19 tournaments. Zee claims that Star India violated the agreement and has filed a claim for ₹685.4 million ($8.3 million). Zee Entertainment disagrees with Star's claims and plans to file a response and counterclaims. This follows the failed merger between Zee and Sony.

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

Livemint

Livemint · 1y ago

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

The National Company Law Appellate Tribunal (NCLAT) is considering pleas filed by IDBI Bank and Axis Bank challenging the Zee-Sony merger, which has been called off. The banks are urging NCLAT to defer the case until the National Company Law Tribunal (NCLT) decides on Zee's plea to enforce the merger. However, Zee argues that the pendency of the plea in NCLT should not affect the current case. The merger was called off due to disagreements over the leadership of the merged entity. Sony has initiated emergency arbitration proceedings against Zee.

‘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 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.

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 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.

Sony demands $90 mn from Zee after terminating merger deal

Livemint

Livemint · 1y ago

Sony demands $90 mn from Zee after terminating merger deal

Sony has terminated its two-year merger agreement with Zee Entertainment and is seeking a $90 million termination fee. Zee has denied the breach claims and demanded fee, and plans to take legal action. The merger, which failed to conclude within the stipulated timeframe, was extended for negotiations but was ultimately unsuccessful. Sony expressed disappointment that the closing conditions were not met, while Zee stated that it will protect its stakeholders' interests by evaluating all available options and taking necessary steps, including contesting claims in arbitration proceedings.

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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