ZEE formally requests Sony for an extension on merger deal
ZEE Entertainment Enterprises Limited has formally requested Sony Pictures Networks for an extension on its merger deal.
ZEE confirmed the developments in an exchange filing on Sunday. The proposed deal between the two entertainment giants was announced back on 22nd December 2021. The cut-off date for the merger was 21st December 2023.
In its request, ZEEL said, “Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’), we hereby inform you that pursuant to the Merger Cooperation Agreement dated December 22, 2021 entered into amongst the Company [Zee], BEPL [Bangla Entertainment Private Limited] and CMEPL [Culver Max Entertainment Private Limited, formerly known as Sony Pictures Networks India Private Limited] the Company has requested CMEPL and BEPL to extend the Date required to make the Scheme effective, as per the terms of the Merger Cooperation Agreement.”
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ZEEL has been in a legal wrangle over old debts, plus whether the new merged entity would have Punit Goenka as its CEO or NP Singh from Sony. The latter is sceptical to appoint Goenka due to ongoing investigations.
