As the January 20 deadline for the merger approaches, Zee Entertainment Enterprises is in talks with Sony about extending the deadline. Zee emphasized its commitment to the merger in a statement, stating that they are actively working to successfully complete the merger. They are negotiating with Sony in good faith to extend the deadline for the merger to take effect.
Despite the approaching deadline, it seems that Zee and Sony have not yet come to an agreement on the terms of the merger. This is the second time Zee has requested a deadline extension, the first being for the December 20 deadline, to which Sony agreed.
The main issue causing the delay is the disagreement between the two companies regarding the future role of Zee CEO Punit Goenka in the merged entity. Goenka wishes to continue as the Managing Director and CEO, but Sony opposes having him in any executive role due to his past issues with the Securities and Exchanges Board of India.
As of 2:40 pm, Zee’s shares were trading at Rs 234.70 on the National Stock Exchange without significant changes.
To familiarize yourself with the context of this news, kindly click here.
To summarize:
To read more news, click here
