0
Please log in or register to do it.

India’s Zee Entertainment is making a last-ditch attempt to restart discussions with Japan’s Sony Group to revive the $10 billion (Rs 83.09 billion) merger deal scrapped on January 22, Indian business daily Economic said. The Times reported Tuesday. problem.

The report added that representatives from both parties have been working to get a deal done over the past two weeks as efforts to revive the merger gain momentum.

However, it was stated that there is a possibility that the discussions may fall apart as both sides maintain a firm position and significant differences remain unresolved.

Zee and Sony did not immediately respond to Reuters’ request for comment.

Sony has terminated its merger with Zee due to certain unresolved “closed conditions” and leadership disputes, including disagreements over CEO Punit Goenka’s involvement in regulatory matters.

Zee is expected to notify Sony within the next 24 to 48 hours whether it intends to accept all terms and conditions and proceed with the merger, the paper said.

Otherwise, Sony is expected to withdraw its original merger application filed with the National Company Law Tribunal (NCLT) by the end of this week, as agreed upon when the merger was first proposed.

The two-year-old Zee-Sony merger will create an Indian TV giant with more than 90 channels across sports, entertainment and news, rivaling the likes of Walt Disney and billionaire Mukesh Ambani’s Reliance Industries.

Shares of Zee rose 5.2% in Tuesday morning trading.

© Thomson Reuters 2024

Affiliate links may be generated automatically. Please see our Ethics Statement for more information.

Lava may launch a new phone in India...
IU's new album ranks at the top of Melon... ‘Retirement’ featuring Patty Kim (comprehensive)

Reactions

0
0
0
0
0
0
Already reacted for this post.

Reactions

Your email address will not be published. Required fields are marked *