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.

By  Storyboard18Feb 29, 2024 1:35 PM
Sony officially pulls out of $10 billion Zee merger: Reports
In his new role, Janakiram will now report to Rajesh Kaul, Chief Revenue Officer of Distribution & International Business and Business Head of Sports Cluster.

Sony Group has reportedly withdrawn the $10 billion merger agreement with Zee from a local company court, marking the definitive end of the proposed merger.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.

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.


Tags
First Published on Feb 29, 2024 1:35 PM

More from Storyboard18