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Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain.
At an enterprise value of $1.2 billion, this will be the biggest road deal in the country
Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable.
Rohit Mehra, the resolution professional (RP) managing the insolvency proceedings against Siti, moved the NCLT, seeking directions to restrain Star from disconnecting signals and continue providing TV signals till the final adjudication of the appeal.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.