Zee, Sony in last-ditch attempt to revive $10 billion merger: Latest updates
Zee- Sony Merger: Representatives from both the sides have held meetings in Mumbai, according to a report.
Zee Entertainment Enterprises (ZEEL) has re-engaged with Sony Group Corp to revive their $10-billion merger, which had been officially called off last month, it was reported. Zee is expected to inform Sony over the next 24-48 hours if it’s willing to accept all terms and conditions, Economic Times reported.
Zee- Sony Merger: What's going on?
The report claimed that representatives from both the sides have held meetings across locations in Mumbai. These efforts have continued for the last fifteen dats although “major differences are yet to be sorted out, and that could yet lead to the failure of the renewed talks”, the report added.
If the talks fail, Sony is expected to pull its original merger application filed with the National Company Law Tribunal (NCLT).
Zee- Sony Merger: What if the talks work out?
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If the deal can be salvaged, it would mean that legal proceedings that have been initiated will be withdrawn as both companies have approached various forums, including the Singapore International Arbitration Centre (SAIC) and the national company law tribunal (NCLT).
Zee- Sony Merger: What are the key points of differences till now?
As per the report, “among the key points of difference now is a $300 million write off on cricket rights that needs to be settled before any agreement is signed.”
What Zee CEO Punit Goenka had said earlier?
During an investor call, the CEO had said: “I certainly wanted the merger to be implemented. In line with this aspiration, we even took several steps towards divestment or closure of profitable businesses in the domestic and international markets. I personally offered several proposals and solutions to Sony, to address their demands, but unfortunately, they remained unaccepted.”
