Zee and Sony attempt in vain to salvage a $10 billion merger agreement

Zee and Sony attempt in vain to salvage a $10 billion merger agreement

On January 22, Zed and Sony Group announced their massive merger cancellation, officially withdrawing from the amalgamation agreement with a termination letter.

There was reportedly disagreement over who would lead the combined company, which contributed to the $10 billion deal's failure.

Zed Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SNPI) have reportedly resumed talks in a desperate attempt to salvage their $10 billion merger, which was called off on January 22, according to an article in The Economic Times. completed.

According to the article, negotiators from both parties met in Mumbai during the last two weeks in an attempt to salvage the agreement, but significant disagreements still exist that might sink the rescue mission.

According to the source, Zed will let Sony know within the next 24 to 48 hours whether it is prepared to accept the terms and circumstances.

On January 22, Zed and the Sony Group announced their official termination of their merger agreement with a termination letter. This marked the end of the massive merger.

There was reportedly disagreement over who would lead the combined company, which contributed to the $10 billion deal's failure.

The merger was to close by December 21, 2023, as stipulated in the agreement. The merger was, however, delayed to a one-month grace period, which expired on January 21, owing to a lack of agreement.

On August 10, 2023, the NCLT authorised the merger plan, which would have resulted in the creation of a massive media company. The merged business would have been the biggest entertainment corporation in India if the merger had gone through, owning two film studios, Zed Studios and Sony Pictures Films India, as well as more than 70 TV networks and two video streaming platforms, ZEE5 and Sony LIV. They would create a network.