Sony seeks Zee's proposal before deciding extension for merger deadline

After Zee Entertainment Enterprises sought an extension to complete its merger with Sony Pictures Networks India (SPNI), the latter has issued a statement saying that it looks forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.

“ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger. The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. SPNI is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions," reads the statement issued on December 19.

ZEE, on December 17, had requested Bangla Entertainment Private Limited (BEPL) and Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Private Limited) to prolong the deadline stipulated in the merger cooperation agreement to make the merger scheme effective.

"Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’), we hereby inform you that pursuant to the Merger Cooperation Agreement dated December 22, 2021 entered into amongst the Company, BEPL and CMEPL, the company has requested CMEPL and BEPL to extend the Date required to make the Scheme effective, as per the terms of the Merger Cooperation Agreement," ZEE had informed stock exchanges.