Zee Ent explains that it did not know about Sony’s board meeting attendance today
“The company is neither aware nor able to comment on board meetings held or proposed to be held by Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India Private Limited) as these are internal matters of Sony,” Zee said. On paper.
The Punit Goenka-led Indian media giant reiterated that it is committed to the merger with Sony and remains committed to completing the proposed merger successfully.
This morning, multiple media outlets reported that a Sony board meeting is scheduled for Friday to discuss a merger deal with Zee.
“Two key meetings will be held back to back. Culver Max Entertainment is scheduled to hold a board meeting on Thursday night, followed by a meeting at Sony’s Tokyo headquarters,” the ET report said.
In response to media reports, Zee said it is engaging in good-faith negotiations with Sony to discuss extending the dates necessary to implement the plan for a reasonable period of time.
Zee and Sony agreed to a merger two years ago, but the proposed deal hit a brick wall after Sony expressed restraint over Goenka running the combined entity. The transaction was expected to be completed within the stipulated deadline of December 2023. Others, including Goenka, who heads the merged company, have asked Sony to extend the deadline to resolve critical issues.
After Zee requested an extension, reports emerged that Sony plans to file a termination notice before the extended January 20 deadline to finalize the merger.
Despite several headwinds, Zee has repeatedly stated that the company is committed to the merger with Sony and is working to successfully complete the deal.
Analysts say the deal is critical for the company’s survival amid the looming merger of heavyweights RIL and Walt Disney’s Indian media and entertainment businesses.
On Friday, Zee shares closed 6 per cent lower at Rs 232.50 on the NSE.
