India’s Zee Entertainment is pursuing a $10 billion merger with Sony, ET reported. By Reuters
© Reuters. FILE PHOTO: This illustration, taken September 1, 2022, shows Zee Entertainment and SONY logos. REUTERS/Dado Ruvic/Illustration/File Photo
BENGALURU (Reuters) – India’s Zee Entertainment is making a final attempt to restart discussions with Japan. sony (NYSE:) Group will revive a $10 billion merger deal that was canceled on January 22, Indian business daily Economic Times reported on Tuesday, citing people with knowledge of the matter.
The report added that representatives from both parties have been working to get a deal done over the past two weeks as efforts to revive the merger have gained momentum.
However, it was stated that there is a possibility that the discussions may fall apart as both sides maintain a firm position and significant differences remain unresolved.
Zee and Sony did not immediately respond to Reuters’ request for comment.
Sony has terminated its merger with Zee due to certain unresolved “closed conditions” and leadership disputes, including disagreements over CEO Punit Goenka’s involvement in regulatory matters.
Zee is expected to notify Sony within the next 24 to 48 hours whether it intends to accept all terms and conditions and proceed with the merger, the paper said.
Otherwise, Sony is expected to withdraw its original merger application filed with the National Company Law Tribunal (NCLT) by the end of this week, as agreed upon when the merger was first proposed.
The Zee-Sony merger, which has been in the works for two years, would have created an Indian TV giant that could rival Walt with over 90 channels across sports, entertainment and news. Disney (NYSE:) and billionaire Mukesh Ambani’s Reliance Industries.
Shares of Zee rose 5.2% in Tuesday morning trading.
