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Will shut down biz...': Zee MD's strict strategy after failed merger with Sony
Livemint
·
1y ago
Medial
Zee Entertainment MD, Punit Goenka, has shifted the company's focus towards delivering value to shareholders following the failed merger with Sony Group Corp. He has committed to achieving an 18-20% EBITDA margin by FY2026 through cost optimization and a focus on return on investment. Goenka stated that businesses that do not generate profit will be shut down, and he welcomed competition in the industry. He also addressed Sebi's allegations of fund diversion by Zee promoters, stating that there has been no wrongdoing. The company has set up an independent advisory panel to investigate the matter.
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Sony to look at other opportunities post Zee debacle
Thehindubusinessline
·
1y ago
Medial
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.
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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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SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports
Livemint
·
1y ago
Medial
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.
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Sony demands $90 mn from Zee after terminating merger deal
Livemint
·
1y ago
Medial
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.
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Disney-owned Star India begins arbitration against Zee Entertainment
Livemint
·
1y ago
Medial
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.
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Sony India to continue exploring acquisitions, says CEO
Livemint
·
1y ago
Medial
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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Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout
Inc42
·
1y ago
Medial
Disney Star's valuation may face a potential $2 billion hit following the failed merger between Sony and Zee Entertainment. Zee claims that the ICC TV contract with Disney Star was dependent on the successful completion of their merger with Sony. However, Disney Star disputes this claim. Reliance Industries is closely monitoring the situation as it could affect the value of Disney Star, particularly regarding the ICC TV deal. The fallout from Zee disputing a $1.5 billion sub-licensing deal for ICC has raised concerns about Reliance's downgrade of Disney Star.
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Sony Group terminates Rs, 80,000 Crore merger with Zee Entertainment
Livemint
·
1y ago
Medial
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.
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Zee-Sony deal: Zee withdraws merger implementation application from NCLT
Livemint
·
1y ago
Medial
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.
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Sony vows growing India media presence in letter to employees
Livemint
·
1y ago
Medial
The head of Sony Group's India unit, N.P. Singh, has sent a letter to employees, assuring them of the company's strength and growth despite the failed merger with Zee Entertainment Enterprises Ltd. Singh stated that Sony will focus on content to boost subscriber growth and revenue in India. Sony is also exploring options to strengthen its market presence through collaborations. This comes as Sony faces competition from rivals like Disney and Reliance Industries in the Indian media market.
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