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The clarification led to a recovery if the Zee stock, which had slumped over fears of an imminent deal collapse with the extended deadline of January 21 approaching fast
The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee
The fate of the $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment, formerly Sony Pictures Networks India, is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms. The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Earlier on Monday, a report said Sony is working on sending termination notice to Zee before January 20
As the two parties discuss a possible extension of the deadline, we revisit the developments of the tumultuous journey surrounding the $10-billion merger.