2024-01-30 06:05:30
After the failure of the Zee-Sony merger deal, a much-anticipated merger by the media, the case will be held in Singapore on Wednesday, January 31 for an emergency arbitration hearing, reports CNBC-TV18.Samayam Tamil
On January 22, Sony Group Corp, the Japanese parent of Sony Picture Network India (SPNI) and Bangla Entertainment Pvt Ltd (BEPL), announced the termination of the $10 billion merger agreement with ZEEL, while Zee demanded US$90 million for breach of conditions. The case continued.
Sony Group Corporation (SGC) is reportedly in discussions to extend the closing date of the ZEEL transaction but has not met the merger criteria. ZEEL has over 50 channels operating in 11 language groups, with OTT platform ZEE5 reaching 572 million weekly viewers in the domestic market.
According to the agreement, Sony plans to invest USD 1.575 billion in the merged entity and hold a 52.93 percent stake. If the Sony-Zee merger is completed, the joint venture will own more than 70 television channels, Sony owns two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India).
Share price of Zee Entertainment was trading at Rs 169.20, up 4.61% on the NSE at 11:28 am. Once the investigation is over, the stock price may see a further rally.
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