Sony-zee entertainment: Sony is reportedly going to call off its $10 billion mega-merger with Zee Entertainment.
According to persons familiar with the situation, Sony Group Corp. intends to revoke the merger agreement between Zee Entertainment Enterprises Ltd. and its Indian division.
The two media corporations declared a $10 billion mega-alliance two years ago, but since then, development has been put on hold and postponed. According to people with knowledge of the situation, Sony chose to end the partnership because of the friction.
In addition, Punit Goenka, CEO of Zee and the son of the company’s founder, is rumored to be pulling out of the agreement since the Japanese group has opposed the merger.
Goenka was supposed to manage the new firm until 2021 under the terms of the agreement struck last year, but key individuals say Sony no longer wants him in that role due to the regulatory investigation.
The mega merger coalition planned to register before January 20, but the merger will be delayed, according to a source. Another insider claims that throughout conversations over the past several weeks, Goenka has remained true to his initial readiness to lead the merged business; as a result, Sony has stated that it is now considering its options. has arrived.
The two parties are still in talks, and a statement is anticipated prior to the deadline. Let’s observe and wait.
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