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Zee-Sony India merger talks stall over disagreement on leadership

Reuters · 1y ago

Zee-Sony India merger talks stall over disagreement on leadership

Merger talks between Zee Entertainment Enterprises and Sony's Indian arm have hit a roadblock due to a disagreement over the leadership of the merged entity, according to Mint. Sony wants its Indian operations managing director, N.P. Singh, to head the company, while Zee's candidate, Punit Goenka, is facing an ongoing investigation. A failure to reach an agreement on leadership by December 21 may derail the merger.

Related News

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.

Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

Livemint

Livemint · 1y ago

Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

The National Company Law Appellate Tribunal (NCLAT) has refused to stay the merger between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment, formerly known as Sony Pictures India. Axis Finance and IDBI Bank have challenged the merger and the next hearing is scheduled for January 8, 2024. This news comes after the NCLAT had adjourned the hearing on December 6 due to lack of time. The merger has also been delayed due to a disagreement over leadership arrangements between Sony and ZEEL.

‘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.

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.

Sony may call off $10 billion mega-merger with Zee Entertainment

Livemint

Livemint · 1y ago

Sony may call off $10 billion mega-merger with Zee Entertainment

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.

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.

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 Entertainment, Sony revive merger talks in last-ditch effort

Livemint

Livemint · 1y ago

Zee Entertainment, Sony revive merger talks in last-ditch effort

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.

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.

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.

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