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Zee moves National Company Law Tribunal against Sony, contests $90 million claim before Singapore court
Credit: IndiaTimes- Published on January 24, 2024
Zee Entertainment has urged Sony to withdraw its merger termination notice and honor its obligations. Zee has contested Sony's claims of breaching the merger pact and has approached the NCLT seeking directions to implement the merger. Sony wanted to terminate the merger agreement and demanded a termination fee, but Zee denies...
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.