Sony yet undecided on deadline extension for merger with ZEE
Just days after ZEE Entertainment Enterprises Limited requested an extension for its merger with Sony Pictures Networks, the latter has said it has not yet agreed to a deadline.
In a statement released today, Sony Pictures Networks India said, “ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger. The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. SPNI is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.”
Related to this
.
.
ZEEL unveil logo of Unite8 Sports
.
ZEEL appoints Sandeep Mehrotra as COO, Ad Revenue
The two companies have been at a stalemate over who will run the merged entity. According to reports, Sony is objecting to calls for Punit Goenka to stand as the CEO, citing concerns related to the ongoing Securities and Exchange Board of India (SEBI) investigation into a corporate governance case.
