Sony terminates Rs 10 billion merger agreement with Zee Entertainment – Dainik Savera Times
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In the information given to the stock market in this regard, G refuted all the claims of Sony and said that he will seek legal help. “Zee has shown a high level of commitment to the merger by taking a number of permanent and irreversible actions, which have resulted in Zee incurring one-time and recurring costs,” the company said.
‘The reason for termination of the agreement is said to be the deadlock over leadership. Sony had opposed Zee Chief Executive Punit Goenka’s demand to remain the chief even after the merger. Market regulator Securities and Exchange Board of India (SEBI) is investigating Punit Goenka on fraud charges.
This agreement was considered important for both the companies to remain in the world’s fastest growing major economy. The deal would have created a giant conglomerate with more than 70 Indian TV channels, popular Bollywood studios and an extensive film library that would rival global giants Netflix and Amazon.
“Sony Pictures Networks India Private Limited, a wholly owned subsidiary of Sony Group Corporation, today issues a notice announcing the termination of the agreements between SPNI and Zee Entertainment Enterprises Limited (ZEEL),” the Japanese company said in a statement. Is.
This agreement was announced on 22 December 2021. Culver Max Entertainment was formerly known as Sony Pictures Networks India (SPNI). Under the agreement, the merger was to be completed before December 21, 2023. Later this period was extended by one more month.
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