Digital
Online gaming in India is among the world’s most vibrant, says MoS I&B Dr L Murugan at Storyboard18 DES 2025
Sony officially pulls out of $10 billion Zee merger: Reports
While reports of a revived Zee-Sony merger surfaced a fortnight back, Zee denied any such developments.
According to Bloomberg, the Japanese entertainment company made multiple filings to India’s National Company Law Tribunal(NCLT) on Thursday to pull out of the merger agreement with Zee. (Image sourced via Sony website)
Sony Group has reportedly withdrawn the $10 billion merger agreement with Zee from a local company court, marking the definitive end of the proposed merger.
According to Bloomberg, the Japanese entertainment company made multiple filings to India’s National Company Law Tribunal(NCLT) on Thursday to pull out of the merger agreement with Zee.
While reports of a revived Zee-Sony merger surfaced a fortnight back, reportedly leading to the company’s stock rallying in the markets, Zee Entertainment issued a clarification later the same evening that the firm was not involved in any negotiations with relation to the collapsed Sony merger deal.
Read More: NCLT issues notice to Sony in response to Zee’s plea of stalled $10 billion merger implementation
Meanwhile stakeholders are anticipating a critical NCLT hearing on March 12. NCLT has issued a notice to Sony Pictures Networks earlier this month in response to an application filed by Zee Entertainment Enterprises. Zee’s application seeks the implementation of the merger with Sony that was announced back in December 2022.
As reported by Bloomberg earlier this month, Securities and Exchange Board of India (SEBI), has discovered a significant discrepancy of over $240 million in the accounts of Zee Entertainment Enterprises Ltd.
SPOTLIGHT
As India eyes global leadership in media, entertainment and gaming, Storyboard18's Digital Entertainment Summit, set to take place on June 27 in the capital, will spotlight the bold strategies, policy pathways and creative innovations shaping the future of the industry.
Read MoreIN PHOTOS: At Global Pioneers Summit, visionaries chart the future of business and creativity
From the chiefs of Nestle, Diageo, Colgate, PepsiCo, Zetwerk and CRED to AI visionaries, marketing mavens, top creators, ad legends and leading global agencies' CEOs, the brightest minds converged at the Storyboard18 Global Pioneers Summit for an action-packed day of meaningful dialogues on creativity, commerce and culture.