The homegrown media and entertainment company has already stated it will contest Culver Max and BEPL’s claims to pay a $90- million termination fee in the arbitration proceedings
In a regulatory filing, Zee Entertainment Ltd (ZEEL) said it has asked Culver Max and Bangla Entertainment PVT Ltd (BEPL) to immediately withdraw the termination
Though Sony did not offer the reasons behind its decision to end the deal, one sticking point during the negotiations was on choosing the merged entity’s leader. While Zee was pitching for Goenka, Sony was uncomfortable with the choice given the allegations of fund diversion against him by Sebi
Two years ago, the Goenkas were able to fend off a challenge from activist shareholder Invesco which had tried to remove Goenka as MD and CEO because of weak leadership and poor corporate governance standards at Zee
Top company sources said that Zee was compelled to close down certain ventures in order to adhere to the merger conditions set by the Competition Commission of India (CCI). If the merger fails at this stage, it will be a huge loss for Zee.
Zee-Sony merger likely to be called off: The highly anticipated merger between Zee Entertainment and Sony's India arm may not proceed as planned, as Sony is reportedly considering issuing a termination notice before January 20. The merger, which was valued at $10 billion, aimed to create the largest media entity in India.
News agency Bloomberg on Monday reported that Sony is planning to call off the $10 billion merger and Sony will issue a termination notice before January 20.