ZEEL filed for an extension of the deadline on December 17 and the two parties have entered into "good faith negotiations" on this matter.
Sony Group and Zee Entertainment Enterprises now have a one-month grace period, commencing on December 21, to finalise the merger of their India operations, Bloomberg News reported. This merger is set to give rise to a media behemoth with a valuation of $10 billion.
The merger agreement, signed in 2021, includes a 30-day extension period beyond the deadline, allowing either party to request additional time. The report states that ZEEL is optimistic about resolving outstanding matters before the grace period expires.
ZEEL filed for an extension on December 17, without specifying the duration sought. On Tuesday, Sony expressed its interest in hearing Zee's proposals regarding the completion of the "remaining critical closing conditions." In a separate filing on December 20, Zee stated that Sony has conveyed its intention to engage in "good faith negotiations" on this matter.