Work underway to complete merger deal with Sony: Zee Entertainment
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Zee Entertainment said in a stock exchange filing that it is not aware of any meeting of the board of directors held or proposed to be held by Culver Max Entertainment, and cannot comment on the same as it is a private matter.
New Delhi. Zee Entertainment Enterprises Ltd (ZEEL) on Friday said it is working towards successfully completing its $10 billion merger agreement with Culver Max Entertainment (formerly Sony Pictures Networks India). Zee Entertainment has given this statement amid reports that the final decision on the deal will be taken in the meeting of the board of directors of the Japanese company.
Zee Entertainment said in a stock exchange filing that it is not aware of any meeting of the board of directors held or proposed to be held by Culver Max Entertainment, and cannot comment on the same as it is a private matter. It said, “We wish to reiterate that the company is committed to the merger with Sony and is working towards successfully completing the proposed merger. The $10 billion merger deal between Zee Entertainment and Culver Max Entertainment is pending.
The two sides are yet to finalize a closure agreement while the one-month grace period given for extension of talks is also about to end. The one-month grace period for extended talks will end on January 20. According to some reports, the dispute is over how the merged entity will operate. As per the agreed terms and conditions, Punit Goenka of Zee Entertainment was to head the new entity. However, Soni has expressed apprehensions after market regulator SEBI barred Goenka from holding managerial position in any company in the fund misappropriation case. Goenka has got relief from the Securities Appellate Tribunal in this case but both the parties have not been able to reach any agreement.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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