afaqs! news bureau

Zee Entertainment reiterates commitment to merger with Sony

The media company said it is engaging in good faith negotiations to discuss the extension of the merger date.

Zee Entertainment, on January 19, said that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger. 

“(The company) is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the Scheme effective, by a reasonable period of time,” it said in an exchange filing. 

The filing was in response to the stock exchange’s seeking clarification on a Business Standard news item ‘Sony Board to take call on $10 billion merger with Zee Entertainment today’. 

“In this regard, we would like to clarify that the Company is not aware of, and cannot comment on, any board meeting held or proposed to be held by Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited) (“Sony”), given that these are internal matters of Sony,” it said. 

The merger was expected to be completed by December 21, 2023. However, it was delayed after the two parties could not decide on who will head the newly formed company. Zee sought a month-long extension and Sony agreed to it. The fate of the merger is expected to be decided by January 20, 2024. 

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