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Tuesday, 30 January 2024

Broadband TV News: ZEE and Sony head to arbitration after merger collapse

Story from Broadband TV News:

Broadcasters Zee and Sony are to meet in Singapore after Zee began legal action against Sony’s claim for a $90 million termination fee in their failed $10 billion merger.

CNBC-TV18 reported Tuesday that the two parties would meet at the Singapore International Arbitration Centre (SIAC) on Wednesday 31 January.

Sony terminated the proposed merger because Zee did not meet the merger conditions.

Reuters, which has studied the termination documents, reports Sony had stated that Zee had not met its financial obligations and had not put forward a feasible strategy as to how it might do so.

The claims are refuted by Zee which says Sony has acted in bad faith.

Sony had previously raised concerns over Zee CEO Punit Goenka’s financial conduct following allegations from the Securities and Exchange Board of India implying Goenka and his father, the founder of ZEE Subhash Chandra, had abused their corporate positions to move funds from the company into private ventures.

Earlier, ZEE said Punit Goenka had been willing to step down in the interest of the merger, and the company would put other legal measures in place.

Copyright © 2024 Broadband TV News.