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Indian media conglomerate Zee Entertainment said it will take legal action against Japan-based Sony Group following the termination of merger plans which would’ve created India’s largest broadcasting company.
Sony on Monday announced its plan to end the merger of its India operations through Culver Max Entertainment with Zee, which was announced in 2021, The Economic Times reported.
“SPNI, a wholly-owned subsidiary of Sony Group Corporation, today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (ZEEL) relating to the merger of ZEEL with and into SPNI, which was…announced on December 22, 2021,” Zee said in a stock exchange filing.
The deal stipulated that the merger was to be completed before December 21, 2023, including regulatory and other approvals with a grace period of one month to complete the transaction.
Upon terminating the agreement on Monday, Sony further sought $90 million in termination fees from Zee.
“The company categorically refutes all claims and assertions made by Culver Max and BEPL regarding alleged breaches of the MCA by ZEEL, including their claims for the termination fee, and reserves all its rights in this matter,” Zee said in a stock exchange filing.
ZEEL MD Punit Goenka was present at the Ram Mandir consecration (Pran Prathishta) ceremony at Ayodhya today alongside his family, wrote in a Twitter post, “At the As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts. I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders.” Jai Shri Ram
“The company is evaluating all available options and basis the guidance received from the Board and will take all necessary steps to safeguard the long-term interests of its stakeholders, including by taking appropriate legal action and contesting Culver Max and BEPL’s claims in the arbitration proceedings,” Zee said.
