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Zee says it received an intimation from Sony that they were prepared to enter 'good faith negotiations' to discuss the possibility of extending the deadline under the terms of the merger agreement between the two sides
The deal to create a $10-billion media and entertainment powerhouse was first announced two years ago but has been delayed due to various reasons
ZEEL had approached Culver Max and Bangla Entertainment Pvt Ltd (BEPL) for an extension in the deadline to complete the proposed merger, which will create India's biggest media conglomerate, say regulatory updates
Zee Entertainment Enterprises Ltd on Wednesday said Culver Max Entertainment, formerly known as Sony Pictures Networks India, has agreed to discuss extending the date required to make their merger scheme effective, a day ahead of the deadline. A day after Sony Pictures Networks India (SPNI) stated that it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their proposed $10-billion merger, the Subhash Chandra family-promoted media firm said it has received a communication from Sony group for discussing an extension of the deal which was announc...
The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline