MSN: Zee-Sony merger agreement includes provision of deadline extension by 30 days

Story from MSN:

The Zee-Sony merger agreement includes provision of one-month deadline extension of negotiations in good faith, said a report on Thursday.

CNBC TV18 reported that there is no provision in current agreement for extension of agreement after one-month extension.

Zee Entertainment Enterprises Ltd said on Wednesday that it was in talks with Sony Group’s India unit about extending a merger deadline to create a $10-billion media and entertainment powerhouse.

The units of both companies have communicated the intention to be merged by entering into “good faith negotiations”, Zee said in a stock exchange filing, as they seek to clear the uncertainty over the leadership of the combined entity.

The deal announced two years ago by Sony and Zee to merge their TV channels, streaming platforms and film assets has been delayed after markets regulator Securities and Exchange Board of India (Sebi) in August barred Zee CEO Punit Goenka from directorships of any listed company.

However, in August this year, the Mumbai bench of the National Company Law Tribunal (NCLT) gave a go-ahead to the merger of ZEEL and Culver Max Entertainment but had said Goenka would have to cooperate with any investigation by Sebi.