ZEE Q3 results: Nuvama expects ZEE to report 5 per cent fall in ad revenues against a 3.3 per cent YoY decline in the September quarter. It anticipates subscription revenue to improve 1 per cent YoY.
Last month, Sony scrapped its much-awaited merger with Zee Entertainment, ending a deal that could have created one of the biggest TV broadcasters in India, alleging breaches of contract. Following the Sony action, Zee refuted various alleged breaches of obligations about the merger cooperation agreement.
Months of drama and bitter email exchanges preceded the Sony Groups decision to call off its merger deal with Zee Entertainment Enterprises, with both sides accusing each other of not meeting the conditions required to complete the transaction, show documents accessed by ET.
Sony Group and Zee Entertainment Enterprises called off their merger deal due to a disagreement over the managing director and chief executive position. The deal termination notice from Sony claimed multiple breaches by Zee, including a decline in operating profit, non-disclosure of investigations, and signing a deal with Disney Star without Sony s consent. Zee defended its actions, stating that there were sports-related exceptions and questioning Sony s motives for raising issues late in the deal.
SIAC has determined that its emergency arbitrator has no jurisdiction or authority to injunct Zee from approaching the NCLT to implement the merger scheme, the company said in an exchange filing