Fallout from the Zee-Sony merger deal: emergency arbitration is scheduled for tomorrow in Singapore, according to sources

Fallout from the Zee-Sony merger deal: emergency arbitration is scheduled for tomorrow in Singapore, according to sources

Fallout from the Zee-Sony merger deal: emergency arbitration is scheduled for tomorrow in Singapore, according to sources

Conclusion of the Zee-Sony merger: Tomorrow in Singapore, there will be a hearing for emergency arbitration on the Zee Entertainment-Sony merger.

Conclusion of the Zee-Sony merger deal: The Singapore International Arbitration Center (SIAC) will host the emergency arbitration hearing in the Zee Entertainment-Sony merger. On January 31, a report was released by CNBC-TV18.

Zee-Sony merger was called off

The US$10 billion merger deal between Sony Picture Network India (SPNI) as well as Bangla Entertainment Private Limited (BEPL) was terminated on January 22 due to a violation of terms and circumstances, as revealed by Sony Group Corp, the Japanese parent company of SPNI and BEPL. asked for US$90 million. Other than filing for arbitration.

In an attempt to refute Sony's assertions that it is owed $90 million (about ₹748.5 crore) in termination fees, Zee Entertainment has filed a lawsuit and petitioned the Singapore International Arbitration Center (SIAC).

Zee stock drops following the merger agreement with Sony

Zee's shares dropped in the market after Sony pulled out of the agreement. It ended at ₹152.50 on January 23, the lowest point in a day, down 30.50 percent. Zee's share price slightly increased during the Wednesday, January 24 trading session, ending at ₹166.35 on the BSE.

Why was the Sony-Zee merger called off?

ZEEL engaged in talks to extend the deadline for concluding the agreement, but Sony Group Corporation (SGC) said that ZEEL did not fulfill the merger criteria.

The merged company would have been the largest if the Sony-Zee merger had gone through, owning two video streaming services (ZEE5 as well as Sony LIV), two film studios (Zee Studios and Sony Pictures Films India), and over 70 TV networks. Indian networks for entertainment.

Zee Entertainment divulges

Zee Entertainment shares are up 5.72% at ₹171 on the NSE at 11:07 a.m.

Punit Goenka, the MD and CEO of ZEEL, urged the roughly 3,000 global workers present at a town hall gathering three days after Sony terminated the acquisition to move on and take advantage of new chances.

"We are being reshaped by the winds of change that are sweeping across our sector. In order to take advantage of the chances that present themselves, we must position ourselves appropriately. For the last thirty years, we have set the standard. Year after year, our stakeholders continue to get value," he said.

ZEEL stated on August 30, 2022, that it has entered into a four-year strategic licensing arrangement with Disney Star for the television broadcast rights to the ICC Men's and Under-19 world competitions.