Bizasia: ZEE & Sony in merger talks

Story from Bizasia:

In another twist in the ongoing proposed merger between ZEE and Sony, it has been reported that Sony Pictures Networks is planning to scrap the $10 Billion merger with ZEE Entertainment Enterprises Limited, more than two years after the deal was announced.

Bloomberg reports that Sony plans to file a termination notice before the extended 20th January deadline to close the merger. It added that discussions between Sony and ZEE were still ongoing.

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.

The merger was earlier planned to take place by the end of 2023 but the $10-billion deal could not be finalised with several hindrances keeping the two entities on their toes.