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Sony Group has reportedly withdrawn the $10 billion merger agreement with Zee from a local company court, marking the definitive end of the proposed merger.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