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Zee slumps 10% after Sony scraps $10 billion India merger
Credit: IndiaTimes- Published on January 23, 2024
Zee Entertainment Enterprises Ltd tumbles 10% as $10 billion merger with Sony Group Corp is cancelled. Analysts predict sharp contraction in valuations. Zee's stock valuation will de-rate, PE will slump back to 12x levels. Sony expected to benefit from Zee's content library. Zee facing growing competition from Reliance and Disney...
Video credit: Wibbitz Top Stories
Published on January 22, 2024 - 01:31
Sony Ends $10 Billion Merger With India Media Giant Zee
Sony Ends $10 Billion Merger , With India Media Giant Zee.
The deal was called off
on Jan. 22, CNN reports. .
According to Sony, “the closing conditions
to the merger were not satisfied.”.
However, the company “does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive agreements for the merger.”.
Sony expects Zee to pay a $90 million
termination fee “on account of alleged breaches.”.
Mumbai-based Zee “categorically denies
all the assertions … including their claims
for the termination fee,” according to
a statement made by the company. .
Zee is reportedly “evaluating all
the available options.”.
While the deal's unmet conditions
weren't specified, .
there is speculation that the two
companies disagreed about who would
lead the entity following the merger. .
Zee wanted its CEO,
Punit Goenka, to run things, .
but Sony wasn't happy with that choice, considering Goenka is being investigated by India's market regulator, according to reports by Reuters.
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